Falling somewhat in line with President Donald Trump's vision of bringing back manufacturing jobs to the United States, the Cupertino company said it would announce the first investment from its new fund later this month.
Apple hopes that its $1 billion investment will expedite job creation and growth. "We continue to strengthen our local presence across the entire ecosystem, and we're very optimistic about our future in this remarkable country with its very large, young, and tech-savvy population, fast-growing economy, and improving 4G network infrastructure", NDTV quoted Cook answering questions in the second quarter earnings call. And people should have values, so by extension, a company should.
Apple is under pressure from President Trump to bring manufacturing jobs back to the U.S.
During the last quarter, Other Products accounted for just $2.87 billion of Apple's revenue or 5.4 percent. The iPhone maker now has a roughly $256 billion cash hoard. Analysts had expected the company to earn $2.02 per share, according to figures compiled by Thomson Reuters.
The company reported selling 50.8 million iPhones in the quarter, lowers than analysts' expectation of 51.4 million iPhones sold. Nevertheless, Tuesday's report marks the fifth annual dividend hike and is also accompanied with a whopping share buyback program that will total $210 billion through March 2019.
Apple sold 50.76 million iPhone units during quarter, generating $33.25 billion in revenues, down from 51.19 million units previous year. Apple shares were down 1.87 per cent in after-hours trading at $144.75.
Historically first quarter is always the least impressive time of year for Apple's earnings, come as it does after the Christmas period. The company's market cap is now above $750 billion.