Earlier, the company had outshined Saudi Aramco to become the most valuable public company in the world. Recently, Apple’s board approved a four-for-one stock split to make it accessible to more investors. The stock has gained about 55% this year alone.
Also read: Apple Q3 revenue rises 11% as iPhone sales rebound
Apple’s business has not been materially affected by the COVID crisis so far. In the most recent quarter, revenues grew more than expected, aided by a recovery in the sales of flagship product iPhone, after a not-so-impressive performance in the preceding quarters. The top-line climbed to about $60 billion in the third quarter, resulting in double-digit growth in earnings to $2.58 per share.
Read management/analysts’ comments on Apple’s Q3 results
The third-quarter results eliminated concerns about the recent slowdown in iPhone sales, to some extent. The smartphone, which accounts for nearly 50% of Apple’s revenue, has played a key role in its transformation into the world’s most innovative device maker.
Apple is all set to launch the next series of iPhones later this year, targeting the high-end market. While the company typically organizes its product launches in September, this time the event will be delayed by a few weeks.