Shares of Apple (NASDAQ: AAPL) leapt 10.5% to a new close of a high of $ 425.04 on Friday, following company expectations — crushing third-quarter results.
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Despite a host of challenges associated with coronavirus, Apple’s revenue jumped 11% year-over-year to $ 59.7 billion. Technology revenue growth is even more impressive. Revenue per share rose 18%, to $ 2.58. Wall Street expects revenue and EPS to be just $ 52.3 billion and $ 2.04.
The gains are broadly based, with Apple experiencing steady growth across iPhones, Macs, iPads, wearables, and business services.
“Apple’s quarterly record was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” CEO Tim Cook said in a press release. “At uncertain times, this performance is a testament to the important role our products play in the lives of our customers, and in Apple’s unchanging innovation.”
Apple also announced a 4-for-1 stock split to “make the stock more accessible to a wider base of investors.” Shareholders of record at the end of business on August 24 will receive three additional shares for each Apple share. Apple shares will begin trading on a split-adjusted basis on August 31st.
Judging by the stock’s gains on Friday, investors appreciated the news.