bassethound
19-03-12, 10:38
Apple has confirmed that it will announce today what it intends to do with its enormous cash reserves in a conference call, coming just a day after the firm was hit by further legal action in the key emerging market of China.
Due to a sustained period of huge profitability for the maker of iPhones and iPads, Apple is thought to have built up a warchest of around $100 billion (£63 billion) in cash, making it wealthier than many countries, such as Poland.
Apple chief executive Tim Cook will hold a conference call today at 9am ET (1pm UK time) to discuss what the firm intends to do with the cash. The call will be live streamed to iOS devices, or any Mac or PC with QuickTime 6 installed.
In a short statement on its website, Apple said: "Tim Cook, Apple's CEO, and Peter Oppenheimer, Apple's CFO, will host a conference call to announce the outcome of the Company's discussions concerning its cash balance.
"Apple will not be providing an update on the current quarter nor will any topics be discussed other than cash."
This has led to speculation of what Apple will do with the money, including a potentially massive dividend to shareholders, or possibly a stock buyback scheme.
The firm, which last week introduced the latest iPad tablet, could also be readying an acquisition spree, potentially to bolster the infrastructure for its much-rumoured push into the television market later this year.
Meanwhile, a group of 22 authors in China have filed a lawsuit against Apple over the alleged sale of unlicensed copies of their books, according to local media reports.
The Chinese Writers Alliance asked Apple last year to stop electronic distribution of their books, after successfully persuading Chinese search engine Baidu to stop publishing their material on the Baidu Library product.
However, they are now seeking 50 million yuan ($8m) in compensation from Apple over claims that the firm has been selling pirated versions of 95 books in its online store, according to Xinhua state media. It is unclear where the lawsuit has been filed.
In response to the situation, an Apple spokeswoman told Reuters: "As an IP holder ourselves, we understand the importance of protecting intellectual property, and when we receive complaints we respond promptly and appropriately."
The lawsuit deepens Apple's problems in China, a key emerging market for consumer technology. The world's biggest technology firm has been stuck in a long-running dispute with Proview Technology over ownership of the iPad trademark in China.
Apple is also facing allegations of poor working conditions among its suppliers in China, most notably factories run by Foxconn, following a case where three workers died last year in a blast caused when dust created from polishing iPads ignited.
Apple has responded to the criticism by commissioning independent body the Fair Labour Association to interview all 35,000 workers at Foxconn's biggest factories, before compiling a report.
Due to a sustained period of huge profitability for the maker of iPhones and iPads, Apple is thought to have built up a warchest of around $100 billion (£63 billion) in cash, making it wealthier than many countries, such as Poland.
Apple chief executive Tim Cook will hold a conference call today at 9am ET (1pm UK time) to discuss what the firm intends to do with the cash. The call will be live streamed to iOS devices, or any Mac or PC with QuickTime 6 installed.
In a short statement on its website, Apple said: "Tim Cook, Apple's CEO, and Peter Oppenheimer, Apple's CFO, will host a conference call to announce the outcome of the Company's discussions concerning its cash balance.
"Apple will not be providing an update on the current quarter nor will any topics be discussed other than cash."
This has led to speculation of what Apple will do with the money, including a potentially massive dividend to shareholders, or possibly a stock buyback scheme.
The firm, which last week introduced the latest iPad tablet, could also be readying an acquisition spree, potentially to bolster the infrastructure for its much-rumoured push into the television market later this year.
Meanwhile, a group of 22 authors in China have filed a lawsuit against Apple over the alleged sale of unlicensed copies of their books, according to local media reports.
The Chinese Writers Alliance asked Apple last year to stop electronic distribution of their books, after successfully persuading Chinese search engine Baidu to stop publishing their material on the Baidu Library product.
However, they are now seeking 50 million yuan ($8m) in compensation from Apple over claims that the firm has been selling pirated versions of 95 books in its online store, according to Xinhua state media. It is unclear where the lawsuit has been filed.
In response to the situation, an Apple spokeswoman told Reuters: "As an IP holder ourselves, we understand the importance of protecting intellectual property, and when we receive complaints we respond promptly and appropriately."
The lawsuit deepens Apple's problems in China, a key emerging market for consumer technology. The world's biggest technology firm has been stuck in a long-running dispute with Proview Technology over ownership of the iPad trademark in China.
Apple is also facing allegations of poor working conditions among its suppliers in China, most notably factories run by Foxconn, following a case where three workers died last year in a blast caused when dust created from polishing iPads ignited.
Apple has responded to the criticism by commissioning independent body the Fair Labour Association to interview all 35,000 workers at Foxconn's biggest factories, before compiling a report.