Apple has always been notoriously tight-fisted when it comes to spending. As the world’s most valuable technology company by a long shot, there’s a ton of pressure on Apple to acquire competition and flaunt its $100 billion cash reserve.
At the Goldman Sachs Conference today, Cook noted that Apple has spent billions on acquisitions, in the supply chain, retail, and company infrastructure. “But yes, we still have a lot,” he said.
Cook asked for patience from the public and shareholders. He admitted that Apple has more cash than it needs to run its business. “We’re not going to have a togo party or do something outlandish,” he quipped. “We’re not letting it burn a hole in our pocket.” Apple CFO Peter Oppenheimer made the same statement during Apple’s last earnings call. The company’s most recent acquisition was NAND flash memory firm Anobit for an undisclosed amount.
AAPL stock recently surpassed $500 per share, valuing Apple’s market cap at $475 billion.
Cook called Apple’s spending “judicious” and “deliberate.” “We spend our money like it’s our last penny.”