Apple’s total cash reserve came to a close of $285.1 billion in the last quarter of December 2017. This is a new record and shows the company’s addition of high cost handsets and newer tax regulations.
The cash was around $268.9 billion in the previous quarter and its almost up by $17 billion in last quarter which is massive. This information was disclosed by Apple’s earnings report on Thursday.
Apple’s CEO Tim Cook said that “We’re thrilled to report the biggest quarter in Apple’s history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. We’ve also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That’s an increase of 30 percent in just two years, which is a testament to the popularity of our products and the loyalty and satisfaction of our customers.”
Apple says it will contribute $350 billion to the U.S. economy over the next five years, in the form of payments to suppliers, capital expenditures, advanced manufacturing investments and jobs and also plans to make $38 billion in tax payments to reflect new tax rules passed last year.