What happened
Actions of Apple (NASDAQ: AAPL) It jumped 10.5% to a new closing high of $ 425.04 on Friday, following the company’s quarterly results.
And that
Despite a series of coronavirus-related challenges, Apple’s revenue increased 11% year-over-year to $ 59.7 billion. The tech giant’s profit growth was even more impressive. Its earnings per share rose 18% to $ 2.58. Wall Street had expected revenue and EPS of only $ 52.3 billion and $ 2.04.
Apple’s shares hit a record high on Friday. Image source: Getty Images.
Earnings were broad-based, with Apple experiencing strong growth in its iPhone, Mac, iPad, wearables and services businesses.
“Apple’s June quarter record was driven by double-digit growth in both Products and Services and in each of our geographic segments,” CEO Tim Cook said in a press release. “In uncertain times, this performance is a testament to the important role our products play in the lives of our customers and to Apple’s relentless innovation.”
Now what
Apple also announced a 4-for-1 stock split to “make stocks more accessible to a broader investor base.” Registered shareholders at the close of business on August 24 will receive three additional shares for each share of Apple they own. Apple’s shares will begin trading in split form on August 31.
Judging from the earnings of the shares on Friday, investors appreciated the news.
