Apple (NASDAQ:AAPL) had a big day today. Defying expectations, they posted record revenues and earnings in the first quarter of 2012. This is an amazing feat in spite of a global recession which has particularly hit the US middle class.
Apple posted revenues of $46.33B and a net profit of $13.06B for the quarter representing $13.87 earnings per share. They were able to generate $16B in cash equivalents totaling $37.9B for the year. Apple currently has on hand almost $100 Billion in cash ($97.6B) which would make it the 58th largest economy in the world!
Obviously, fans of Apple and unchecked capitalism everywhere should be proud! Unfortunately, what bodes well for Apple may not bode well for the planet.
For the record, I do not feel that it is completely fair to pick on Apple alone. Apple is one product of a broken system that rewards short term thinking and lack of true innovation, does not penalize excessive waste of planetary resources and treats humans as slave labor.
Just about any other technology company, clothing company, kitchenware company etc. will provide a similar example. Apple just tends to exemplify every facet of what is wrong with society.
Merkel’s got absolutely nothing China wants.