Shares of apples (NASDAQ: AAPL) surpassed 10.5% to a close of $ 425.04 on Friday, following the company’s third-quarter earnings results.
Despite a host of coronavirus-related challenges, Apple’s revenue jumped 11% year-on-year to $ 59.7 billion. The tech giant’s profit growth was even more impressive. Its earnings per share rose to 18%, to $ 2.58. Wall Street had forecast revenue and EPS of just $ 52.3 billion and $ 2.04.
Earnings were broad-based, with Apple experiencing strong growth in all of its iPhone, Mac, iPad, real estate and services businesses.
“Apple’s record June record was driven by double-digit growth in products and services and growth 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.”
Apple also announced a 4-for-1 stock split to “make stocks more accessible to a wider investor base.” Record holders in closing business on Aug. 24 will receive three additional shares for every Apple stock they own. Apple shares will start trading on a regulated share basis on August 31st.
Judging by the stock gains on Friday, investors appreciated the news.