The tech giant reported earnings that beat Wall Street expectations on Tuesday, and sold more iPhones than expected. The stock briefly jumped after hours before settling down 2 percent.
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The company’s cash reserves have long fueled speculation of acquisitions that Apple might make.
Last quarter, Apple’s enormous cash holdings shrunk for the first time in seven quarters. At the time, Howard Silverblatt, senior index analyst at S&P Dow Jones Indices estimated that if Apple’s cash hoard was its own company, it would be the 11th largest company in the S&P 500.