World’s largest company by market capitalisation Apple, has a whopping $243.7 billion in cash. With that kind of an amount, Apple’s cash balance is greater than the combined market capitalisation of Indian behemoths– Reliance Industries and TCS (Tata Consultancy Services). Notably, Mukesh Ambani-led Reliance Industries and TCS are the only two $100 billion firms in India.
Yesterday, Reliance Industries reclaimed the top spot to become India’s most valued company by market capitalization as the shares surged to record high levels, extending gains following strong Q1 results. Currently, RIL commands a market capitalisation of Rs 7.56 lakh crore, while TCS commands a market cap of 7.54 lakh crore. The current INR/USD rate of 68.59 translates Apple’s market cap to about 16.05 lakh crore, higher than the combined market cap of Reliance Industries as well as TCS (around 15.11 lakh crore). Tp put things into perspective, India’s foreign exchange reserve stands at $415.05 billion as of May-18.
Apple now has $243.7 billion in cash on hand, the company reported along with its third-quarter earnings Tuesday, down $23.5 billion from the quarter ended March-18. In the previous quarter, Apple announced a $100 billion buyback program and a 16 percent dividend increase.
Interestingly, Apple has reported a 30% rise in profit to $11.5 billion. The news boosted shares in the tech giant in after-hours trading, putting it ever closer to a history-making, trillion-dollar market value, even as China’s Huawei knocked Apple off second spot in a tightening global smartphone market, AFP reported. Apple’s revenue in the fiscal third quarter soared 17 per cent to $53.3 billion from the same period a year earlier on the back of sales of pricier iPhones, online services and wearable devices, said the agency.
“We’re thrilled to report Apple’s best June quarter ever, and our fourth consecutive quarter of double-digit revenue growth,” chief executive Tim Cook said in the earnings release yesterday. Apple sold 41.3 million iPhones in the quarter that ended June 30, just shy of the 42 million figure anticipated by analysts.