Shares of Apples (NASDAQ: AAPL) jumped 10.5% to a new close of $ 425.04 on Friday, following the results of the crush expectation in the third quarter.
Despite a number of coronavirus-related challenges, Apple’s revenue jumped 11% year-over-year to $ 59.7 billion. The tech giant’s profit growth has been even more impressive. His earnings per share rose 18%, to $ 2.58. Wall Street had expected revenue and EPS of $ 52.3 billion and only $ 2.04.
The achievements have been broad-based, and Apple is experiencing steady growth in the iPhone, Mac, iPad, wearables and services businesses.
“Apple’s record quarter in June was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” the CEO said. Team Cook 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 of Apple’s relentless innovation.”
Apple also announced a 4-for-1 stock split to “make the stock more accessible to a wider base of investors.” Record shareholders at the close of business on August 24 will receive three additional shares for each share of Apple that they own. Shares of Apple will begin trading on a split-basis basis on August 31st.
Judging by the stock’s gains on Friday, investors appreciated the news.