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Tim Cook, kicking off Apple’s September 2018 event. Photo: Apple

Apple on Thursday handily beat expectations for quarterly sales and earnings and announced a 4-for-1 stock split.

Why it matters: The move comes a day after Congressional hearings and as other Big Tech firms also turned in stellar reports.

Apple reported per-share earnings of $2.58, ahead of expectations of $2.04, with revenue of $59.7 billion, well above the $52.2 billion analysts were expecting, per Yahoo Finance.

"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." CEO Tim Cook said in a statement.

Between the lines: A stock split doesn't increase or decrease a company's overall value, but makes each individual share less costly to purchase. As for Apple, each shareholder at the close of business on August 24 will receive three additional shares for each one they one, with trading on a split-adjusted basis beginning Aug. 31.

By the numbers:

  • iPhone revenue was $26.4 billion.
  • Mac sales were $7.1 billion.
  • iPad revenue was $6.6 billion.
  • Services revenue was $13.2 billion.
  • Wearables and home product sales were $6.5 billion.
  • International sales accounted for 60 percent of the quarter’s revenue.

Go deeper

Uber CEO talks exporting Prop 22 after mixed earnings report

Illustration: Aïda Amer/Axios

Uber is looking to export to other states California's newly voter-approved policy that will let the company continue to treat its drivers as contractors and not employees, CEO Dara Khosrowshahi said on an analyst call after the company posted mixed third-quarter results Thursday.

The big picture: Uber and Lyft helped lead a $200 million campaign to convince Californians to vote for Proposition 22, which they did overwhelmingly Tuesday. Uber now wants to "have dialog with governments and other states" on enacting similar arrangements, Khosrowshahi said.

Caitlin Owens, author of Vitals
13 mins ago - Health

Who benefits from Biden's move to reopen ACA enrollment

Photo: Chip Somodevilla/Getty Images

Nearly 15 million Americans who are currently uninsured are eligible for coverage on the Affordable Care Act marketplaces, and more than half of them would qualify for subsidies, according to a new Kaiser Family Foundation brief.

Why it matters: President Biden is expected to announce today that he'll be reopening the marketplaces for a special enrollment period, but getting a significant number of people to sign up for coverage will likely require targeted outreach.

1 hour ago - Technology

Big Tech bolts politics

Illustration: Eniola Odetunde/Axios

Big Tech fed politics. Then it bled politics. Now it wants to be dead to politics. 

Why it matters: The social platforms that profited massively on politics and free speech suddenly want a way out — or at least a way to hide until the heat cools.