Apple books higher-than-expected revenue

Apple beat analyst expectations for its latest fiscal quarter, reporting revenues of $59.7 billion.

Lisa Eadicicco reported the news for Business Insider:

Apple posted revenue of $59.7 billion for its fiscal third quarter, breezing past Wall Street’s muted expectations and showing growth across all product categories — including the iPhone.

Shares of Apple were up about 6% after hours, pushing the company’s stock price above $400 for the first time ever. The company also said it plans to initiate a 4-for-1 stock split next month to make the stock “more accessible to a broader base of investors.”

Alex Wilhelm from TechCrunch noted:

The hardware-and-software giant also reported earnings per share (GAAP, diluted) of $2.58, up 18% from the year-ago quarter. This also beat expectations, with investors expecting a slimmer $2.04, again, according to Yahoo Finance data.

And Cupertino announced that it will split its stock four for one, something that Apple said that will make its “stock more accessible to a broader base of investors.” In the age of fractional-share investing, the move feels somewhat meaningless. The Dow Jones Industrial Average, however, is price-weighted, and Apple is a component, so perhaps that has something to do with the choice.

Apple shares are up 4.7% in after-hours trading, after gaining more than a point during regular hours.

Reuters noted Apple was number-one in smartphone sales globally:

Apple was the only major phone vendor to see growth in the second quarter as the global smartphone market shrank 14% year on year to 285 million units sold, with the coronavirus weighing on demand in major markets, research firm Canalys said.

Apple sold 45.1 million iPhones globally in the period, up 25% year on year, making it the third best seller globally. China’s Huawei Technologies snatched the title of biggest smartphone seller from Samsung Electronics, but both saw declines, of 5% and 30%, respectively.