Apple is sitting on $246.09 billion cash pile; just imagine the things it can do with money!f $246.09 Billion
Apple has started its new year on a strong note, as its huge cash pile increased to $246.09 billion in the fiscal fourth quarter.
According to the CIA World Facebook, this figure is greater than Sri Lanka’s 2016 gross domestic product, but lesser than Denmark’s. If it were a country, Apple would be the 13th richest nation in the world.
Apple posted record iPhone sales in the quarter ending December 2016 according to SEC filing on Tuesday night. This record sale figure comes after three consecutive quarters of decline in iPhone sales. The company’s stock jumped more than 3 percent in after-hours trading as more than 6.8 million shares changed hands.
Quarterly revenues increased about $2.5 billion from the prior year quarter while earnings per share improved by $0.08. However, profits fell slightly to $17.9bn, an expected drop due to the high cost of producing the new iPhone.
“We’re thrilled to report that our holiday quarter results generated Apple’s highest quarterly revenue ever, and broke multiple records along the way. We sold more iPhones than ever before and set all-time revenue records for iPhone, Services, Mac, and Apple Watch,” said Apple CEO Tim Cook.
“Revenue from Services grew strongly over last year, led by record customer activity on the App Store, and we are very excited about the products in our pipeline,” the company wrote in its letter to investors.
Apple has more than $200 billion in cash outside the U.S. for tax reasons. However, President Donald Trump and the Republican-controlled Congress are expected to change rules on repatriation of cash stored overseas, which might allow Apple to bring a lot of that money back home without taking a huge tax hit.
Cook said he was optimistic about the prospects for reform under the new government. “With our toe in the water, we’re learning a lot about the original content business,” he added.
Just imagine what you could do if you had that kinda out of the world cash in your pockets.