Apple Plans $1 Billion Spending Spree

Apple Plans $1 Billion Spending Spree
The company has established an advanced manufacturing fund to create jobs in the U.S.

(CCM) — Apple is about to embark on a $1 billion spending spree to create manufacturing jobs in the U.S., according to a Tech Times report. Tim Cook, Apple's chief executive, said in a CNBC interview that the company has set up an advanced manufacturing fund and is already finalizing its first investment. An announcement about the investment will be made later this month.

Cook added that Apple is considering increasing its headcount in the U.S. and may start providing teaching materials to help a new generation of software developers. He also pointed out that Apple has spent over $50 billion in the previous year on U.S.-made products, including adhesives from 3M and glass from Corning.

During the interview, Cook also said that Apple plans to double the revenues from services such as Apple Pay, Apple Music, iCloud, and the App Store by 2020. Two days ago, Apple reported a surprise fall in iPhone sales during its second quarter, which ended on Apr. 1, 2017 and lead to its stock dropping by about 1.5%. However, the fall may be due to many customers delaying purchasing a new iPhone in anticipation of Apple's 10th anniversary edition, which is expected later this year.

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