Apple’s Q3 earnings have just come in and despite the COVID-19 pandemic, the company saw a record June quarter with $59.7 billion in revenue. The company’s stock is up over $400 a share on the news and it’s also just announced a 4-1 stock split.
Apple had an incredible quarter with 11% growth YoY during the global health crisis. On the big news, AAPL shares are up almost 5% in after hours trading, pushing them above $400.
The remarkable performance means Apple’s market cap is getting closer to that $2 trillion mark with the current valuation approaching $1.7 trillion. On the $59.7 billion quarterly revenue, Apple saw $11.25 billion profit.
More big news for investors includes Apple’s board of directors approving a 4-for-1 stock split. Apple announced the details of the split that will happen at the end of August in a Newsroom post today covering its Q3 earnings.
That means the stock will trade in the $100-range after the split, with existing shareholders seeing each share become four. That’s what Apple means by the stock becoming “more accessible” although modern stock trading apps have made it possible to own fractional shares for some time now.
The Board of Directors has also approved a four-for-one stock split to make the stock more accessible to a broader base of investors. Each Apple shareholder of record at the close of business on August 24, 2020 will receive three additional shares for every share held on the record date, and trading will begin on a split-adjusted basis on August 31, 2020.
Ahead of the stock split, a cash dividend of $0.82 per share will be paid on August 13 based on the close of the market on August 10.
The last time AAPL shares saw a split was back in 2014 which was a 7-1 split and before that it was 2005 when the stock saw a 2-1 split.
Apple’s Board of Directors has declared a cash dividend of $0.82 per share of the Company’s common stock. The dividend is payable on August 13, 2020 to shareholders of record as of the close of business on August 10, 2020.
