China is a net positive for Apple: Gene Munster
Loup Ventures Managing Director Gene Munster on why despite the risks exposure to China is ultimately a positive for Apple.
Call it a Friday night power dinner.
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President Donald Trump announced via Twitter Friday night he would have Apple CEO Tim Cook over for dinner, noting the company “will be spending vast sums of money in the U.S. Great!”
The dinner comes on the heels of a tumultuous week for China, which manufactures products like the iPhone for the tech giant. The Wall Street Journal reported in June that Apple was planning to move production of its Mac Pro computer to the red giant.
On Thursday, Apple reported contributions to the economy, noting it employs some 2.4 million people across the U.S. Its total employment number is now four times larger than it was just four years ago.
APPLE JOBS BREAKDOWN
- 90,000 direct Apple employees
- 450,000 jobs with U.S.based parts suppliers
- 1.9 million workers active within its “App Store”
The company said it was on track to create another 20,000 jobs by 2023.
Apple has recently seen a downturn in its quarterly earnings, reporting a 6.6 percent decrease from its previous report. However, the stock has managed to remain strong given the recent market tumult and the specter of trade woes with China. For the year stock is up 30.9 percent and only four of 41 analysts have a sell call on the company. Plus, Apple still has the most cash on hand compared to any other company in the U.S.
In May, Cook detailed to investors that Apple buys a company every few weeks. In one of its larger purchases, the company bought Intel’s smartphone-modem chip business for $1 billion.
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