Down From Last Quarter But Now Apple Has $192.8 Billion In Cash On Hand
Apple has consistently housed one of the largest cash hoards among U.S. companies.
– but its cash on hand has taken a hit amid the coronavirus crisis.
The tech giant now has $192.8 billion cash on hand, down 7.4% from its fiscal first quarter of 2020, when the company reported a $207.06 billion cash pile. Despite the pandemic, Apple will continue to buy back its stock.
The company said. It has authorized a $50 billion increase in the company’s share repurchase program, as well as a $0.82 per share dividend. In fiscal 2019, Apple spent $67.1 billion on share repurchases and $14.1 billion on dividends.
“It was a very unique quarter. I’ve never had anything quite like this. I hope to never have it again, but I’m incredibly proud of the company and what was achieved during that period of time,” Apple CEO Tim Cook told CNBC’s, Josh Lipton.
Apple shares fell slightly in extended trading after the company reported revenue of $58.3 billion and earnings per share of $2.55.