Shares of apple (NASDAQ: AAPL) jumped 10.5 percent to a new closing high of $ 425.04 on Friday, following the company’s expectations for a lubrication in the third quarter.
Despite numerous challenges related to the coronavirus, Apple’s revenue jumped 11% year-over-year to $ 59.7 billion. The tech giant’s profit growth was even more impressive. Earnings per share rose 18% to $ 2.58. Wall Street expected revenue and EPS of just $ 52.3 billion and $ 2.04.
Profits were broadly based, with Apple experiencing solid growth in its iPhone, Mac, iPad, wearables and business services.
“Apple’s record quarter was driven by double-digit growth in products and services and growth in each of our geographic segments,” 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 to Apple’s relentless innovation.”
Apple also announced a 4-for-1 share split to “make the stock more accessible to a wider investor base.” Shareholders of the record at the close of business on August 24 will receive three additional shares for each share of Apple they hold. Apple shares will begin trading on a split basis, adjusted on August 31.
Judging by the earnings of the shares on Friday, investors appreciated the news.