Apple's cash hoard swells to record $246.09 billion

Apple shares pop after big earnings beat
Apple shares pop after big earnings beat

Apple's enormous cash hoard grew to $246.09 billion in the fiscal first quarter, up $8.49 billion from the previous quarter.

That figure is larger than Sri Lanka's estimated 2016 gross domestic product, but smaller than Denmark's, according to the CIA World Factbook. If Apple's cash pile was its own public company, it would be the 13th largest in the world.

The tech giant also reported earnings that beat Wall Street expectations on Tuesday and said it sold more iPhones than expected. The stock jumped more than 3 percent in after-hours trading as more than 6.8 million shares changed hands.

The company's cash reserves have long fueled speculation of acquisitions that Apple might make. Apple keeps most of its cash outside the U.S. for tax reasons, but President Donald Trump and the Republican-controlled Congress are expected to change rules on repatriation of cash stored overseas, which could make it easier for Apple to spend some of the money on acquisitions without taking a major tax hit.

Apple CEO Tim Cook told CNBC, "Repatriation is front and center. That is good for the country and Apple."

—CNBC's Juan Aruego, Anita Balakrishnan and Josh Lipton contributed to this report.

Correction: This story was revised to correct that the amount of cash on hand was as of the fiscal first quarter.