A customer purchases the new iPhone X at an Apple store on November 3, 2017 in Palo Alto, California.

Apple now has $243.7 billion in cash on hand, the company reported along with its third-quarter earnings Tuesday.

That's $23.5 billion down from the $267.2 billion it posted in the March quarter, when Apple announced a $100 billion buyback program and a 16 percent dividend increase.

Apple has long been building up its cash hoard, spurring M&A speculation and calls for greater investment. But the hardware giant has recently upped spending, focusing on original content, emerging markets and U.S. job creation.

Apple said in January it would contribute $350 billion to the U.S. economy over the next 5 years with funds freed up by recent tax adjustments. It's also shelled out for its content studio, signing producers and celebrities like media mogul Oprah Winfrey.

--CNBC's Chloe Aiello contributed to this report.