Apple Drives Positive Impact on U.S. Economy

Apple is making plenty of profit, but how is the companyEUs success impacting the overall U.S. economy? According to Michael Feroli, chief economist for JPMorgan Chase in the United States, the iPhone is EUhaving a measurable impact.EU

Apple reported it sold over 10 million new iPhone 6 and iPhone 6 Plus models in the first three days after its launch -- setting a new record. Apple CEO Tim Cook said that number exceeded the companyEUs expectations. Feroli took notice.

EUItEUs a little gadget, but it costs a lot and it seems that everybody has one,EU Feroli told the New York Times. EUWhen you do the multiplication, itEUs going to matter.EU

$603 Per Phone

AppleEUs Securities & Exchange Commission filing reveals how much it matters. The company is selling various iPhone models at, on average, $603 each and that translates to about one quarter to one third of a percentage point to U.S. gross domestic productEUs annualized growth rate, according to Feroli.

And Apple is making a pretty penny off the devices. In fact, Apple may be making a killing on the iPhone Plus. ThatEUs because the larger screen size adds an extra $100 to the sales price but the phablet-size device costs a mere $16 more to make than the smaller iPhone 6. That's according to a breakdown analysis from market research firm IHS Technology.

Apple reported revenue between $63.5 billion and $66.5 billion in the first fiscal quarter of 2015 and paid a tax rate of 26.5 percent, giving the government another reason to smile. There appears to be no end in sight, despite the doom and gloom about AppleEUs future after the death of co-founder Steve Jobs. Cook made it clear there are EUother great products and services in the pipeline for 2015.EU

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