COVID-19 isn’t keeping Apple down.
The company smashed Wall Street expectations delivering Q3 revenue of $59.69 billion, beating down the $52.25 billion analysts had expected. The company also announced earnings per share of $2.58 compared to Wall Street expectation of $2.04 EPS.
Despite the coronavirus pandemic, Apple’s overall revenue was up nearly 11% year-over-year, reflecting the boom that broader tech stocks have seen as of late. Apple’s stock was up as much as 5% in after-hours trading as investors reacted to the earnings release.
Alongside the news, Apple detailed that they would be doing a four-for-one stock split, indicating that investors who already own one share of Apple stock will receive three more and also that single shares of Apple stock will be more affordable when the stock split is carried out toward the end of August. This isn’t a first for the company, they’ve done it several times, most recently back in 2014.
This was Apple’s first quarterly earnings report that fully felt the damage of COVID-19 and worldwide changes to in-person retail amid wide shelter-in-place mandates by governments. These seismic shifts have not damaged Apple’s stock which hit an all-time high this month and already appears on its way towards breaking through a $2 trillion market cap.
Yesterday, CEO Tim Cook was Zoom summoned to an anti-trust hearing in Washington, D.C. where he was questioned alongside other Big Tech CEOs. The company had its first fully remote developer conference earlier this summer where they debuted the next wave of their device operating systems. The company is expected to release a flurry of new mobile devices in upcoming months as per their historic device release schedule.