Apple cash balance surges past $110 billion in Q2

41601updated 05:15 pm EDT, Tue April 24, 2012 Company has yet to cut into cash hoard

Despite lackluster expectations from some analysts, Apple today confirmed that it has added $12.5 billion to its cash balance for its second fiscal quarter that ended in March. The company now has more than $110.2 billion in cash on hand, up from $97.6 billion at the end of the December quarter.CEO Tim Cook late last month announced that Apple plans to use some of its cash balance for quarterly dividends of $2.65 per share, marking a significant change in financial strategy under new leadership. The executive promised that the company would continue to make significant investments while rewarding shareholders.

Aside from the dividend, which is not expected to arrive until the summer quarter, the company also plans to buy back $10 billion in shares over the course of three years.

By Electronista Staff

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