Apple Promises To Not Let Its $97 Billion In Cash “Burn A Hole” In Its Pocket
Today during Apple’s Q1 2012 earnings report, CFO Peter Oppenheimer revealed that Apple has a staggering $97 billion in cash, with over $60 billion currently held offshore. Oppenheimer said multiple times during the call that Apple was not letting its near-$100 billion in cash “burn a hole” in its pockets.
Tim Cook and Oppenheimer were very tight-lipped about what Apple plans to do with its gigantic cash reserve moving forward, noting that the company was “thrilled” to acquire the “fantastic tech talent” at flash memory firm Anobit.
Coincidentally, AAPL stock blew past its previous all-time high during after-hours trading today at over $450 per share. Apple has trumped Exxon Mobile again with a overall valuation of over $420 billion to become the most valuable company on the planet. Based on this past quarter’s iPhone sales, Apple is also the top smartphone manufacturer in the world.
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Alex Heath is a news contributor at Cult of Mac. He also covers jailbreak news and reviews. He previously served as an editor for iDownloadBlog. You can find out more about him on his ![Read "Cleaning Up Your Messy iTunes Playlists Can Boost Your Brain Power [Interview]"](http://cultofmac.cultofmaccom.netdna-cdn.com/wp-content/uploads/2012/02/010-300x250.jpg "Read \"Cleaning Up Your Messy iTunes Playlists Can Boost Your Brain Power [Interview]\"")
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