The Cupertino tech giant reported adjusted earnings of 2.58 per share beating expectations of $2.04 per share. Revenue came in at $59.69 billion, blowing expectations of $52.2 billion out of the water.
“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. This is a challenging moment for our communities, and, from Apple’s new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon neutral by 2030, we’re living the principle that what we make and do should create opportunity and leave the world better than we found it,” CEO Tim Cook said in the earnings release.
Jim Cramer had said to wait until after earnings to buy the stock, and it looks like it’s time to do a little shopping.
Apple stock soared over 4% in after-hours trading following the report.
Apple also announced a 4-for-1 stock split “to make the stock more accessible to a broader base of investors.”
TheStreet’s Apple Maven Daniel Martins took a pause from live blogging the results to break down everything investors need to know ahead of trading Friday.
Martins previously said that the only way Apple shares would rise after earnings would be if the company reported an absolute blowout and that's exactly what it did.
While Martins said fractional shares make the move for a four-to-one stock split less significant, he noted that Apple's move could create some more demand for the stock.
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