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A customer purchases the new iPhone X at an Apple store on November 3, 2017 in Palo Alto, California.
Apple’s cash reserves hit $285.1 billion in the quarter ending in December, a record, reflecting the company’s move to high-priced handsets and new tax regulations.
That’s compared to $268.9 billion in the prior quarter. The increase in cash was disclosed on Thursday in Apple’s earnings report for the quarter that ended in December.
Apple has said it plans to make $38 billion in tax payments to reflect new tax rules passed last year. Wall Street has speculated that the lower tax rates may open the door for Apple to bring back cash from overseas and put it to work through acquisitions or by returning money to shareholders.
Apple has already revealed some spending goals: The iPhone maker 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.
Apple is also investing in expanding its content services and operations in emerging markets like India.
