REPORT: Apple’s New Campus Is Delayed And Over-Budget
In June 2011, Steve Jobs appeared in front of the Cupertino City Council to ask for approval for a spaceship-shaped campus for Apple Inc. Steve Jobs passed away four months later, but the management team at the company kept his dream alive by pushing for the new campus. Unfortunately the spaceship-shaped campus is over-budget and has been delayed according to a report by Bloomberg/BusinessWeek. Apple supposedly added $2-$3 billion over what was planned.
The large budget was bad timing because Apple investors have been pushing the company to distribute the large cash pile that Apple has through dividends. Adding to the pressure, Apple’s stock price has dropped 38% since this past September. According to a report from January, Apple has $137.1 billion in cash
One of the reasons for the added cost is because the company is pushing to have unbroken surfaces and hidden juncture points for concrete supports. Apple may cut back on some of the finer details of the campus before the construction starts to try and save $1 billion from the current $5 billion budget.