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Apple Cash Pile Soars to Record $246.09 Billion

Image: Apple Cash Pile Soars to Record $246.09 Billion

Tim Cook (AP Photo/Niall Carson)

By    |   Tuesday, 31 Jan 2017 06:29 PM

Apple's cash pile has soared to a record $246.09 billion in the fiscal fourth quarter and $27 billion in operating cash flow, CNBC reported. Shares rose more than 3 percent after hours following the news.

The figure is Apple's highest quarterly revenue ever thanks, in part, to the sale of more iPhones than expected. The Mac also posted its best sales ever.

"We sold more iPhones than ever before, and set all-time revenue records for iPhone, Services, Mac, and Apple Watch," Tim Cook, Apple's CEO, wrote in a statement on the company's website. "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."

Apple's cash reserve is up $8.49 billion from the previous quarter but still expects revenue of $51.5 billion to $53.5 billion for fiscal 2017 second quarter.

Recently, Cook said Apple would repatriate billions of dollars of global profits to the United States in 2017 following Trump's proposal of steep cuts to U.S. corporate tax rates.

"Repatriation is front and center, and that is good for the country and good for Apple," Cook told CNBC. "The border tax would hit the middle-class consumer."

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Apple's cash pile has soared to a record $246.09 billion in the fiscal fourth quarter and $27 billion in operating cash flow, CNBC reported.
apple, iPhone, iMac, business
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2017-29-31
Tuesday, 31 Jan 2017 06:29 PM
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