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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.

Updated 23 mins ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Alabama's new congressional map rejected by federal judges

The Alabama State Capitol in Montgomery. Photo: Taylor Hill/Getty Images

Federal judges on Monday night blocked Alabama's newly drawn congressional map and ordered the Republican-led State Legislature to create a new one that includes two districts, rather than the planned one.

Why it matters: "Black voters have less opportunity than other Alabamians to elect candidates of their choice to Congress," the panel of three judges wrote in their ruling.