Cupertino, CA-based Apple just released one of the best earnings reports in the history of capitalism.
In short, they crushed it-sending Apple stock to a fresh 52-week high.
Take a look:
In a record setting first quarter, Apple sold an astounding 73 million devices, including:
- 5.2 million Macs.
- 15.4 million iPods.
- 37 million iPhones.
- And 15.4 million iPads.
All told, it's a remarkable growth story - and one that's far from over.
But that is only part of why you should buy Apple stock. Its balance sheet boasts 100 billion more reasons showing the company is a solid "Buy."
Ironically, Apple has so much cash its stock could actually be considered cheap.
Apple reported $97.6 billion in cash, but given the rate the company was selling products in the fourth quarter, that figure is surely higher now.
Today, Apple's cash-on-hand has to be around $100 billion. This mounting pile of cash has been the source of much speculation in recent years, and the issue was again raised by analysts last week during the earnings conference call.
Judging from Chief Financial Officer Peter Oppenheimer's response, it was clear the company has plans for it.
According to Oppenheimer:
"We're examining all uses of our cash balance, what we might do in the supply chain, what we can do from an acquisition perspective and otherwise. Since I don't have any perspective to share with you today, specifically on dividends or buybacks, other than again, we are actively discussing the cash balance."It's my expectation Apple will...