Apple Crushes June-Quarter Estimates, Announces Stock Split

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Consumer electronics giant Apple (AAPL) late Thursday crushed Wall Street’s targets for its fiscal third quarter despite challenges posed by the coronavirus pandemic. The Apple earnings news pushed AAPL stock higher in extended trading.

The Cupertino, Calif.-based company earned $2.58 a share on sales of $59.7 billion in the quarter ended June 27. Analysts had predicted Apple earnings of $2.04 a share on sales of $52.25 billion. On a year-over-year basis, Apple earnings rose 18% while sales climbed 11%.

“Apple’s record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments,” Chief Executive Tim Cook said in the Apple earnings news release.

He added, “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.”

No Apple Earnings Guidance Given

The company did not give September-quarter guidance in the Apple earnings release. That is likely to fuel suspicion that Apple is facing a launch delay for its next-generation iPhones. Apple usually releases its new iPhones in September, but the coronavirus pandemic caused production delays.

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