AAPL Officially Hits $400 Mark Thanks To Strong 3Q 2020 Earnings Result

Thanks to the better-than-expected 3Q 2020 earnings result, Apple's stock price has officially burst through the $400 mark in regular trading today, and as of now, it has been rising over 6.90% to sit at roughly $411.

Apple on Thursday announced that in the third quarter of fiscal 2020, it has made a revenue of $59.7 billion and a profit of $11.0 billion. Mac revenue rose to $7.1 billion from $5.8 billion, while iPad revenue grew to $6.6 billion from $5 billion. The Service category, on the other hand, also underwent a growth, as so did the iPhone business.

Since the COVID-19 pandemic, AAPL has dropped as low as $212.61 on March 23 before beginning a moderately steady pace rebound, its stock had soared over 80 percent in the last four months. Tech giants including Amazon, Microsoft, and Google parent company Alphabet also experienced a similar surge.

The iPhone maker now trails far ahead of any other company in terms of market cap, worth $1.77 trillion.

In addition to releasing its earnings report, Apple also announced that it will be initiating a four-for-one split of its stock in late August. The move will drop the price of a single share of the company's stock to around $100. 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.

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