Actions of apple (NASDAQ: AAPL) it fell 10.5% to a new closing high of $ 425.04 on Friday, following results that shattered the company’s expectations for the third quarter.
Despite a large number of coronavirus-related challenges, Apple’s revenue rose 11% year-over-year to $ 59.7 million. The growth of the tech giant’s profits was even more impressive. Its earnings per share rose 18% to $ 2.58. Wall Street had projected revenue and EPS of only $ 52.3 billion and $ 2.04.
The results were widely based and Apple experienced strong growth in its iPhone, Mac, iPad, wearables and services companies.
“Apple’s quarterly record was driven by double-digit growth in both Products and Services and the growth of each of our geographic segments,” company CEO Tim Cook said in a statement. “In uncertain times, this performance is a testament to the important role our products play in the lives of our customers and Apple’s unnecessary innovation.”
Apple also announced a 4-for-1 division of the stock to “make the stock more accessible to a larger investor base.” Record shareholders at the close of business on August 24 will receive three additional shares for every Apple share they own. Apple shares will begin trading tightly by division on August 31st.
Investors appreciated the news to judge the earnings of the stock on Friday.