In the company’s most latest earnings contact, Mr. Cook explained, “We do not have a zero-sum technique to prosperity.” He extra, “We are centered on expanding the pie, producing certain our results is not just our results and that every thing we make, construct or do is geared towards making options for other individuals.”
Apple declined additional comment.
Amazon, Microsoft, Facebook and Alphabet, which owns Google and YouTube, have also continued raking in billions of bucks amid the pandemic. Their outsize influence has attracted extreme scrutiny in excess of the previous yr, like a bipartisan grilling of 4 of the companies’ chief executives in Congress final month.
Representative David Cicilline, Democrat of Rhode Island and chairman of the Household subcommittee that is investigating how the tech giants are brandishing their electrical power, warned at the hearing that the providers had grown as well highly effective.
“Their capability to dictate terms, contact the shots, upend complete sectors and inspire concern signify the powers of a personal government,” he explained. “As really hard as it is to feel, it is achievable that our economic system will emerge from this crisis even extra concentrated and consolidated than in advance of.”
Final week, Apple’s electrical power in excess of its App Retail outlet was in the spotlight when it booted the well-liked game Fortnite from its shop. Epic Video games, which tends to make Fortnite, then sued Apple in federal court, accusing the organization of violating antitrust laws by forcing developers to use its payment programs.
Apple has also wielded one more highly effective instrument to enhance its valuation and enrich its traders and executives: stock buybacks. Because the company’s worth hit $one trillion, it has returned $175.six billion to shareholders, like $141 billion in stock buybacks. Apple has repurchased extra than $360 billion of its personal shares due to the fact 2012, by far the most of any organization, and has announced ideas to shell out at least tens of billions of bucks extra on Apple stock.
Apple has greater its buybacks due to the fact it made use of the Trump administration’s 2017 tax law to carry back most of the $252 billion it had when held abroad. (The law saved it $43 billion in taxes on the move, in accordance to the Institute on Taxation and Financial Policy, a study group in Washington.) Apple has $194 billion in funds and bonds.