In the corporate’s most up-to-date earnings name, Mr. Cook mentioned, “We do not have a zero-sum approach to prosperity.” He added, “We are focused on growing the pie, making sure our success isn’t just our success and that everything we make, build or do is geared toward creating opportunities for others.”
Apple declined additional remark.
Amazon, Microsoft, Facebook and Alphabet, which owns Google and YouTube, have additionally continued raking in billions of amid the pandemic. Their outsize affect has attracted intense scrutiny over the previous yr, together with a bipartisan grilling of 4 of the businesses’ chief executives in Congress final month.
Representative David Cicilline, Democrat of Rhode Island and chairman of the House subcommittee that’s investigating how the tech giants are brandishing their energy, warned on the listening to that the businesses had grown too highly effective.
“Their ability to dictate terms, call the shots, upend entire sectors and inspire fear represent the powers of a private government,” he mentioned. “As hard as it is to believe, it is possible that our economy will emerge from this crisis even more concentrated and consolidated than before.”
Last week, Apple’s energy over its App Store was within the highlight when it booted the favored sport Fortnite from its retailer. Epic Games, which makes Fortnite, then sued Apple in federal courtroom, accusing the corporate of violating antitrust legal guidelines by forcing builders to make use of its fee methods.
Apple has additionally wielded one other highly effective instrument to spice up its valuation and enrich its buyers and executives: inventory buybacks. Since the corporate’s worth hit $1 trillion, it has returned $175.6 billion to shareholders, together with $141 billion in inventory buybacks. Apple has repurchased greater than $360 billion of its personal shares since 2012, by far probably the most of any firm, and has introduced plans to spend at the very least tens of billions of extra on Apple inventory.
Apple has elevated its buybacks because it used the Trump administration’s 2017 tax legislation to deliver again a lot of the $252 billion it had as soon as held overseas. (The legislation saved it $43 billion in taxes on the transfer, in line with the Institute on Taxation and Economic Policy, a analysis group in Washington.) Apple has $194 billion in money and bonds.