Tuesday, July 19, 2011

Apple rules the world?

After you read this you might just think so!

With $76 billion in "cash" (or cash equivalents and securities), Apple has enough money in the bank to purchase Goldman Sachs at its current market value ... and still have change left over to buy LinkedIn and Twitter. Seriously.

Apple posted record high quarterly revenues of $28.57 billion and record high quarterly profits of $7.31 billion as iPad and iPhone sales enjoyed triple-digit growth. It's a day full of superlatives for the Cupertino kids. The Wall Street Journal's Dennis K. Berman notes on Twitter, "Apple now has $78 billion of cash in the bank*. That's worth more than all of Goldman Sachs, market value $65 billion."

*Apple said on a conference call that the company had only $76.2 billion in the bank. The increase of over $10 billion still has the company comfortably ahead of Goldman, though. Should Goldman ever wish to cash out, Apple could afford to buy them at their current market cap and still have billions left over.

I remember awhile back xTrends "guru" Atilla said that Apple was going back to $7 dollars a share... lmao.