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Apple stock surges to new all-time high following strong earnings

Apple impressed investors last night with strong quarterly earnings, reporting its best June quarter ever, despite the global economic uncertainty as the COVID-19 pandemic continues to disrupt daily life worldwide.

AAPL stock opened today at ~$409, a new all-time high for the company, and up 6.5% from market close yesterday. Apple made headlines in August 2018 for becoming the first public company to hit $1 trillion market cap, and it is now well on its way to becoming the first public company to cross the $2 billion mark.

In the just-gone fiscal third quarter, Apple announced $11.2 billion profit on $59.7 billion in revenue. Although Apple does not report unit sales, revenues for each of its major hardware categories were up year-over-year.

iPhone revenue increased 1.6%, following a couple quarters of decline. Mac revenue rose 21.6%, while iPad revenue increased 31%. The Wearables, Home and Accessories division was up 16%, which includes Apple Watch and AirPods sales.

Following the dramatic price rise this year, Apple has announced a 4-1 stock split. This means Apple will reduce its stock price to around $100 starting August 31st, by increasing the total share count by 4. This means individuals buying units of Apple stock, from September, can get in at a lower price. Apple last did a stock split in 2014.

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