Apple announces $1B fund to create advanced manufacturing jobs in the US

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Apparently, it's not clear what the exact nature of those investments will be yet, and how they will deliver returns back to the new fund or Apple. Apple declined to provide any additional details but Cook said it would announce more about the fund later this month.

"By doing that, we can be the ripple in the pond", Cook said.

Apple released its quarterly reports on Tuesday, affirming most analysts' projections on the financial status of the Cupertino-based tech giant at this point in the year. "We give back in job creation".

Apple is all set to start operations at its iPhone assembly unit in Bengaluru as the company inaugurated its first developer centre in the city in early April.

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Apple CEO Tim Cook is taking a page out of President Trump's playbook - announcing Wednesday that the company would be launching a $1 billion fund to boost manufacturing jobs in the United States.

Apple claims that current United States tax policy prevents it from repatriating a majority of its overseas cash.

This is up from $50.5bn this time previous year. Cook believes comprehensive tax reform is very important to the economy and the Trump Administration has promised to help corporations repatriate overseas earnings. Apple's contribution amounts to a tiny fraction of its $257 billion in cash.

In the second quarter, Apple reported results that were slightly under what Wall Street expected.

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Luca Maestri, Apple's chief financial officer, said they have already returned $10 billion to their investors for this quarter, on top of the $50 billion that will be distributed soon.

This compares with 51,193 units sold a year ago and revenues of $32.5bn in the second quarter of 2016.

Apple shares hit a 52-week high this afternoon before trading ended.

The dip in iPhone sales was offset by services, including Apple Pay, iCloud and the App store, which recorded an 18% increase in sales to $7bn.

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This figure was also down 34 percent from revenue of $16.2 billion recorded for Q1 in the Greater China markets, including mainland China, Hong Kong, and Taiwan.

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