Apple has once again beaten analysts’ expectations with its Q2 results out today, and correspondingly the iPhone giant now has an even stronger cash position than it did before: $110 billion in the six months ended March 31, 2012 versus $81.5 billion in the six months ended September 24, 2011.

In cash and cash equivalents the company now has over $10.1 billion; short-term marketable securities are at $18.4 billion; long-term marketable securities are at $81.6 billion. This is a rise in every segment compared to six months ago.

In that earlier period, Apple had $9.8 billion in cash and cash reserves; $16.1 billion in short-term securities and $55.6 billion in long-term securities:

Apple this past quarter announced a share buy back and dividend, its first in many years. This new, even stronger, liquidity will likely bring even more attention on the question of what Apple will/should/could do with all that money.

Update: On the call Apple reiterated it would be paying out a dividend of $2.55 per share beginnning in the September quarter.