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Apple beats on earnings and announces stock split, sending shares toward record high

July 31, 2020

Apple Inc. brushed off the COVID-19 crisis to report record results Thursday, and the company said it plans to split its stock in an attempt to make it “more accessible to a broader base of investors.”

Apple shares AAPL, +1.21% gained 5.8% in after-hours trading, pushing shares higher than $400, a level the stock has never eclipsed in regular trading. The stock was up 6.2% premarket Friday.

The company beat expectations across the board with its fiscal third-quarter results, which marked a record for the June period. Smartphone sales benefited from the launch if the iPhone SE in April, the distribution of stimulus payments, and a relaxation of shelter-in-place restrictions, driving improved performance in May and June relative to April.

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