@MacDailyNews Take: …how many shares has Apple repurchased during the COVID-19 panic that saw AAPL briefly trade below $240?
Apple finished its fiscal first quarter, ended in December, with about $100 billion in net cash. [Evercore ISI analyst Amit] Daryanani notes that, since announcing its intention to reduce its cash balance two years ago, Apple has returned 135% of free cash flow via a combination of dividends and stock repurchases, reducing net cash by about $50 billion in the process.
The analyst thinks Apple will keep ratcheting down the total over time, reaching zero in four years or so. Keep in mind that Apple’s business continues to generate gobs of cash—Daryanani estimates Apple throws off $60 billion to $70 billion in cash a year.