Apple makes $1B commitment toward more US manufacturing jobs

Apple makes $1B commitment toward more US manufacturing jobs

Apple Inc plans to create a US$1 billion fund to invest in USA companies that perform advanced manufacturing, chief executive officer Tim Cook said on Wednesday, the iPhone maker's latest effort to show how it is creating U.S. jobs.

Tim Cook, chief executive of Apple, said its "wearables" business that includes watches and wireless headphones would be among the biggest 500 companies in the United States if it was a stand-alone firm.

Mr Cook said "we couldn't more satisfied" with the progress of the Apple Watch. He added that Apple is "not satisfied", however, with the number of jobs it's created here so far.

Cowen and Company has doubled down on its assessment that Apple's work attempting to bring the Touch ID fingerprint scanning system into the device's display is what's behind the delay speculation, with a new note to investors suggesting that it could face a 4-6 week delay pushing it into October of this year.

The announcement appears to fit in line with President Trump's calls to bring manufacturing jobs to the U.S. Cook also applauded the Trump administration's proposal to lower the corporate tax rate from the current 35 percent.

"One of the thing you should do is give back".

And while Cook has been among Silicon Valley stars critical of Trump when it comes to limiting immigration, he endorsed a push for comprehensive tax reform.

More news: 'No cause for alarm' for Queen Elizabeth II and Prince Philip

Apple CEO Tim Cook said that the 4G roll-out in India is the fastest he has ever seen in the world and that it opens a great opportunity for Apple to grow in the country over the next few years.

"To invest in the United States, we have to borrow".

A $1 billion investment is a relative drop in the pond for Apple, which yesterday revealed that its cash holdings, mostly offshore, now total more than $250 billion. Apple, one of the world's most valued companies, sold 50.76 million iPhones globally in the first quarter of the calendar year, down from 51.19 million it sold during the same period of the previous year. The company reported earnings of $2.10 per share on revenue of $52.9 billion.

Analysts on average expect the company to sell 42.31 million iPhones in the current quarter, according to FactSet.

For the second quarter, the company's net income rose to $11.03bn, or $2.10 per share, compared with $10.52bn, or $1.90 per share, a year earlier. (NASDAQ:AAPL) opened at 147.51 on Wednesday.

A 17.5pc jump in the company's services business - which includes the App Store, Apple Music, Apple Pay and iCloud - to $7.04bn, boosted revenue.

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