Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California, June 22, 2020.
Brooks Kraft | Apple, Inc. via Reuters
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Wall Street analysts were nearly unanimous in their praise for Apple on Friday morning, raising their price targets across the board after the company’s strong results for the fiscal third quarter.
The tech giant reported $2.58 in earnings per share on $59.69 billion of revenue, blowing past Wall Street estimates in a Refinitiv survey of $2.04 in earnings per share and $52.25 billion of revenue. Apple also reported a 4-for-1 stock split.
The revenue result was the highest for the third quarter in company history, rising 11% year over year despite the Covid-19 pandemic disrupting retail locations in the United States and elsewhere. Revenue from iPhone sales alone beat estimates by more than $4 billion.
The stock surged after the results were announced, with shares trading more than 7% higher in Friday’s premarket.
Originally published at CNBC