Why Apple shares hit a new all-time high today

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What happened

Actions of Apple (NASDAQ: AAPL) jumped 10.5% to a new closing high of $ 425.04 on Friday, following the company’s disappointing third quarter results.

So what

Despite a host of coronavirus challenges, Apple’s revenue jumped 11% year-over-year to $ 59.7 billion. Even more impressive was the tech giant’s profit growth. Its earnings per share climbed 18% to $ 2.58. Wall Street had forecast revenue and EPS of just $ 52.3 billion and $ 2.04.

Apple stock hit a record high on Friday. Image source: Getty Images.

The gains were widespread, with Apple seeing solid growth in its iPhone, Mac, iPad, wearable devices and services businesses.

“Apple’s record quarter in June 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 these uncertain times, this performance is a testament to the important role our products play in the lives of our customers and Apple’s relentless innovation. “

Now what

Apple also announced a 4-to-1 stock split to “make the stock more accessible to a wider base of investors.” Shareholders of record at the close of business on August 24 will receive three additional shares for every Apple share they own. Apple shares will begin trading on a split-adjusted basis on August 31.

Judging by the stock’s gains on Friday, investors appreciated the news.



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