Apple's cash stash? Oh, only $206,000,000,000

Matt Krantz | USA TODAY

Show Caption Hide Caption Apple - 48 million iPhones sold Apple sold nearly 50 million iPhones in the fiscal 4th quarter, reports Jefferson Graham on #TalkingTech.

Apple has a good problem. It can't get rid of its cash fast enough.

The digital gadget maker's cash and investments during the quarter jumped to $206 billion — a staggering 33% increase from the same period a year ago. The swelling pile of cash underscores why selling $650 phones in this day and age continues to be an enviable business model.

Apple would have enough cash to give every American $646 apiece - which is remarkably close to the retail price of an iPhone.

Thanks to strong sales of the iPhone, the company reported a quarterly adjusted profit of $1.96 a share, beating estimates calling for a profit of $1.87 a share. Apple's numbers even topped the unofficial hopes of investors polled by Estimize, looking for a profit of $1.92 a share.

Apple's cash continues to mount - even though it keeps trying to get rid of it. The company returned $17 billion to investors during the quarter in the form of stock buybacks and dividends. Apple has now paid out $143 billion of the $200 billion it said it would give to investors.

The iPhone might be tech's version of an ATM machine, but several newer Apple products aren't pulling their weight. The iPad continues to plummet - with unit sales in the quarter dropping 20%. Apple Pay adoption remains low and the watch doesn't appear to be even a rounding error in the company's revenue.

But Apple's cash just keeps piling up as consumers seem willing to keep opening their wallets for phones.

Matt Krantz on Twitter: @mattkrantz.