Shares of Apple (NASDAQ: AAPL) leapt 10.5% to a new closing high of $425.04 on Friday, following the company's expectation-crushing third-quarter results.
Despite a host of coronavirus-related challenges, Apple's revenue jumped 11% year over year to $59.7 billion. The technology giant's profit growth was even more impressive. Its earnings per share climbed 18%, to $2.58. Wall Street had expected revenue and EPS of only $52.3 billion and $2.04.
The gains were broad-based, with Apple experiencing solid growth across its iPhone, Mac, iPad, wearables, and services businesses.
"Apple's record June quarter 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. "In uncertain times, this performance is a testament to the important role our products play in our customers' lives, and to Apple's relentless innovation."
Apple also announced a 4-for-1 stock split to "make the stock more accessible to a broader base of investors." Shareholders of record at the close of business on Aug. 24 will receive three additional shares for every Apple share they own. Apple's shares will begin trading on a split-adjusted basis on Aug. 31.
Judging by the stock's gains on Friday, investors appreciated the news.
10 stocks we like better than Apple
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Apple wasn't one of them! That's right -- they think these 10 stocks are even better buys.
*Stock Advisor returns as of June 2, 2020
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.