“Apple’s enormous cash hoard grew to $246.09 billion in the fiscal fourth quarter, up $8.49 billion from the previous quarter,” Christine Wang reports for CNBC. If Apple’s cash pile was its own public company, it would be the 13th largest in the world.”
“The company’s cash reserves have long fueled speculation of acquisitions that Apple might make,” Wang reports. “Apple keeps most of its cash outside the U.S. for tax reasons, but President Donald Trump and the Republican-controlled Congress are expected to change rules on repatriation of cash stored overseas, which could make it easier for Apple to spend some of the money on acquisitions without taking a major tax hit.”
Wang reports, “Apple CEO Tim Cook told CNBC, ‘Repatriation is front and center. That is good for the country and Apple.'”
Read more in the full article here.
MacDailyNews Take: With $246.09 billion on hand, Apple could buy Bank of America (based on current market value), and still have $8 billion left over.
Again, as we wrote last September: Let’s not do another “one-time-only” (smirk) repatriation holiday. Let’s fix the broken U.S. corporate tax code instead. Let us eschew the easy way out, that fixes nothing in the long run, and choose to do the hard work instead.
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