Apple’s cash reserves have again swelled with this week’s announcement of another $10 billion quarterly profit taking their total to over $250 billion.
The tech giant’s holdings have more than doubled in the last five years with increasing amounts being held offshore in the anticipation of a tax holiday.
In January Apple stated that of its $246 billion cash reserves, $230 billion was held offshore which made it the largest holding offshore of a non-financial institution.
To get a true picture of how much this is, it is enough to buy any company on FTSE100 and more than the British and Canadian government’s reserves combined.
Apple has traditionally ploughed cash back into developing new technologies but the amount of cash now generated is far more than they could realistically spend.
Its chief executive Tim Cook has returned over $200bn to shareholders since 2012 but most of its overseas profits have remained offshore due to the tax burden that bringing it back to the US would create.
The news comes after Apple announced a surprise dip in iPhone sales for its second qaurter.
Apple sold 50.76 million iPhones in its fiscal second quarter ended April 1, down from 51.19 million a year earlier.
The announcement sent shares of the world’s most valuable listed company down 1.9 percent at $144.65 in after-hours trading, Reuters reported.
Despite the dip in unit sales, iPhone revenues rose 1.2 percent in the quarter, helped by a higher average selling price.
Still, with $250 billion laying around in cash it is, don’t expect Tim Cook to be hitting the panic button just yet.