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

Lyft beats Wall Street expectations for Q2

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Lyft Wednesday posted narrower losses and higher revenue than expected for the second quarter, though revenue did fall 61% from the same period last year.

Why it matters: Lyft's business has been hard hit by the coronavirus pandemic as people stay home.

Tesla splits its stock and sees another bump

Photo: Wang Gang/VCG via Getty Images

Tesla's share price jumped in after-market trading following the Silicon Valley electric automaker's announcement of a 5-for-1 stock split.

Why it matters: The company's Tuesday evening announcement said the move is aimed at making stock ownership "more accessible to employees and investors."

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Epic sues Apple, Google as Fortnite is pulled from app stores

Illustration: Sarah Grillo/Axios

Fortnite maker Epic Games on Thursday escalated its battle over Apple's App Store tactics, suing the tech giant over antitrust claims while also baiting Apple into dropping Fortnite from the App Store. Later in the day, Epic filed suit against Google as well after that company dropped Fortnite from the Google Play Store.

The big picture: Epic is just one of several developers clashing with Apple. They argue the company harms competition by taking a cut of up to 30% on in-app purchases and subscriptions and blocking most developers from getting around the tax by charging their users directly.