In addition to popular tech gadgets, Apple (NASDAQ:AAPL) is known for having a massive pile of cash sitting on its balance sheet. The position — worth more than the market capitalization of almost every company in the S&P 500 – has attracted the attention of hedge fund managers this year. Apple has been reluctant to use its war chest, but the cash is not exactly collecting dust.
The world’s largest publicly traded company is a moneymaking machine. In the most recent quarter, Apple posted a net profit of $6.9 billion, or $7.47 per diluted share, on revenue of $35.3 billion. The results topped estimates and allowed Apple to grow its cash position to a new record-breaking level.
Taking the total of Apple’s cash and cash equivalents, short-term marketable securities, and long-term marketable securities, the company’s cash position grew to $146.6 billion at the end of June, a fresh all-time high. About $106 billion of that is kept offshore for tax reasons. In comparison, Apple held a total cash position of $117.2 billion a year earlier.
The company’s total cash position is bigger than the entire market capitalization of Dell (NASDAQ:DELL), Hewlett-Packard (NYSE:HPQ), Pandora (NYSE:P), Best Buy (NYSE:BBY), and Netflix (NASDAQ:NFLX) combined.