Steve Jobs, Chief Executive Officer of Apple Inc. discussed the company's major cash holdings, saying he “preferred to leave the powder dry” for the possibility of new acquisitions. Jobs clarified that the company is not planning to pay a dividend and was simply looking to develop reserves for forthcoming prospects.
At Thursday’s annual meeting of Apple shareholders Jobs informed the room that no acquisitions were in the works at present but that the $25 billion in cash and short-term reserves would “come in handy.” The $25 billion estimate was taken from a balance sheet in late 2009 and is the last available amount estimate for the funds.
Jobs stressed that the company joining forces with other companies in the event it would be financially beneficial but they are not actively pursuing.
At the meeting Thursday the shareholders re-elected Jobs to Apple’s board of directors. The Board, which includes Al Gore among its members encountered some turbulence when Google Inc. CEO Eric Schmidt left.
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