Apple's cash reserves reach record $285.1bn

In Apple's latest earnings report, the company revealed that its cash pile reached a record $285.1bn, up $16.2bn from the previous quarter.

This was largely driven by the firm's record quarterly revenue of $88.3bn - up 13% year-on-year.

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“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. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November,” said Tim Cook, Apple’s CEO. 

“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.”

Being in such a strong financial position, the company has committed to both offering its employees significant new benefits in the wake of the lowering of corporate taxes in the US, in addition to investing heavily into the US over the next five years.

Apple revealed that it will be financing a further $30bn of capital expenditures in the US, in addition to adding 20,000 new jobs, expected to result in a $350bn contribution to the US economy between now and 2023.