IPHONE FLOGGER APPLE has formed a new $1bn fund to promote advanced manufacturing jobs in the US.
The news was unveiled by Apple CEO Tim Cook in an interview with CNBC, during which he revealed that the company will be investing heavily in hardware production.
"We're announcing it today. So you're the first person I'm telling," Cook told host Jim Cramer in an interview on Wednesday. "Well, not the first person because we've talked to a company that we're going to invest in already," he said, adding that Apple will announce the first investment later in May.
The news of the whopping billion-dollar fund arrives not long after President Donald Trump pushed his agenda of bringing back manufacturing jobs - something that is already in high demand in the states. It also fits into Apple's larger effort to create jobs across the company, from employees to app developers and even suppliers.
"If we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them," the CEO explained.
"A lot of people ask me, 'Do you think it's a company's job to create jobs?' and my response is [that] a company should have values because a company is a collection of people. And people should have values, so by extension, a company should. And one of the things you do is give back," Cook said.
"So how do you give back? We give back through our work in the environment, in running the company on renewable energy. We give back in job creation."
The news comes just days after Apple's latest quarterly earnings report, where it announced it had shifted 50.7 million iPhones during Q2, down one per cent compared to the 51.2 million sold this time this year.
Falling short of Wall Street expectations that 51.4 million iPhones would be flogged, the slight slump doesn't come as much of a surprise. Last year year marked the first quarter where iPhone sales didn't grow year over year, and it's likely many are holding out for Apple's 10th anniversary iPhone 8.
Apple maintains that the iPhone 7 and 7 Plus continue to perform well, and Tim Cook says the firm has seen "great customer response" to both models of the new iPhone 7 (PRODUCT)RED Special Edition.
The firm is likely too fussed either way, as the average selling price per smartphone climbed to $655 (around £505) during Q2, which while falling short of analyst expectations, helped the company to rake in more than $11bn (£8.5bn) in profit for the three month period. µ
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