Apple now has $192.8 billion cash on hand, according to the company’s fiscal second-quarter earnings report released Thursday.
That’s down 7.4% from its fiscal first quarter of 2020, when the company reported a $207.06 billion cash pile. Apple has continuously hosted one of the largest cash piles among U.S. companies but is facing pressure from the Covid-19 pandemic, CNBC reported.
Apple will continue to buy back its stock amid the pandemic, the company said. It has authorized an increase of $50 billion in the company’s share repurchase program, in addition to a dividend of $0.82 per share. In Apple’s fiscal 2019, it spent $67.1 billion repurchasing shares and $14.1 billion on dividends.
The company’s retail stores around the world, except in China and one in Korea, are closed until further notice. Still, Apple has continued to launch products in its second quarter amid signs of a global economic slowdown.
According to CNBC, Apple reported that its iPhone revenue was down 7% year over year, though that was partially covered by a 16% rise in services revenue. Total revenue growth for the quarter decreased to 0.5% from 9% one quarter ago.
Apple shares fell slightly in extended trading after the company reported $58.3 billion in revenue and earnings of $2.55 per share.