Here's Some Great News For Anyone Waiting Patiently For New Apple Products

During the last quarter, Apple spent $1.42 billion on research and development, which was an increase of $303 million year over year. More impressively, the company has spent some $2.75 billion on R&D since the beginning of the fiscal year. This is up from the $2.13 billion Apple spent during the first six months of 2013, according to AppleInsider. These details, which were uncovered in a new 10-Q filing with the U.S. Securities and Exchange Commission, show that Apple is focused on the future. In the filing, they note the increased spending was "driven primarily by an increase in headcount and related expenses to support expanded R&D activities." As such, the investments are said to be "directly related to timely development of new and enhanced products.” AppleInsider says:

To further put the numbers in perspective, Apple spent $2.68 billion on its entire R&D budget in the five years before the first iPhone was released. The company exceeded that amount in just the first six months of fiscal 2014.

The company is currently sitting on $150.6 billion in cash plus marketable securities. Of this, 88 percent is overseas. Apple CEO Tim Cook recently said R&D is one of the reasons the company needs to have plenty of cash on hand. "We'll continue to innovate by investing in research and development and capitalizing on our strengths in hardware, software and services," he said. Cupertino is likely to unveil the first new product group of the Cook era later this year when it launches the "iWatch." Other new products expected in 2014 include the "iPhone 6," the fourth-generation Apple TV, and new iPads. See also: Apple May Name Its Next Mac OS X Yosemite, Redwood, Mammoth Or California, Apple Tops J.D. Power's Latest Customer Satisfaction Survey, and Apple Beats Analyst Estimates With Revenue Of $45.6 Billion For The Second Quarter Of FY2014. Photo: Business Insider 

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