Shares of Apple (NASDAQ: AAPL) A 10.5% jump to a new closing high of $ 425.04 on Friday after the company’s expected-crushing third-quarter results.
Despite hosting a host of coronovirus-related challenges, Apple’s revenue grew 11% year over year to $ 59.7 billion. The profit growth of the technology giant was even more impressive. Its earnings per share rose 18% to $ 2.58. Wall Street only expected revenue of $ 52.3 billion and revenues of $ 2.04 and EPS.
The benefits were broadly based, with Apple experiencing solid growth in its iPhone, Mac, iPad, wearables and services businesses.
“Apple’s June quarter was driven by double-digit growth in both product and services and growth in each of our geographies,” CEO Tim Cook said in a press release. “In an uncertain time, this performance is a testament to the critical role of our products in our customers’ lives and to Apple’s tireless innovation.”
Apple announced a 4-for-1 stock split “to make the stock more accessible to a broad base of investors”. At the end of business on August 24, Record’s shareholders will receive three additional shares for each of their own Apple shares. Apple shares will begin trading on a split-adjusted basis on August 31.
Given the stock’s gains on Friday, investors appreciated the news.