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Why Apple stock rose to a new holiday target today

What happened

Shares of Apple (NASDAQ: AAPL) jumped 10.5% to a new closing time of $ 425.04 on Friday after the company’s crashing results in Q3.

So what

Despite a number of coronavirus-related challenges, Apple’s revenue jumped 11% year-over-year to $ 59.7 billion. The technology giant’s profit development was even more impressive. Its earnings per. Shares rose 18% to $ 2.58. Wall Street had expected revenue and EPS of only $ 52.3 billion and $ 2.04.

A person has an upward sloping digital chart.

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

The gains were broad-based, with Apple experiencing solid growth across the iPhone, Mac, iPad, wearables and services.

“Apple’s June quarter record was driven by double-digit growth in both products and services and growth in each of our geographic segments,” said CEO Tim Cook in a press release. “In uncertain times, this achievement is a testament to the important role our products play in our customers’ lives, and to Apple’s relentless innovation.”

What now

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

As the stock gains on Friday, investors appreciated the news.

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