Apple’s gargantuan cash reserves have been known in the past to rival that of entire countries. It now seems that another country has fallen short of Apple’s reserves – the United States of America, represented through its federal treasury.
According to Apple’s latest financial statements for fiscal Q2 2023, the company’s total cash reserves – the sum of its cash and cash equivalents and marketable securities – amounted to $55.8 billion as of April 1. On the other hand, the US Treasury cash balance now stands at $49.5 billion as of Wednesday, May 24, which is around $6 billion less than Apple’s.
Apple continues to flex its rock-solid financial position. The company posted record revenue for the iPhone and Services division last quarter and has avoided the large-scale layoffs that its competitors enacted in a bid to reduce costs amid a tumultuous global economic state. Apple’s $2.7 trillion market cap is one of the largest in the world, even rivaling the GDP of many first-world countries.
