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

Snap beats Q3 analyst expectations

Illustration: Axios Visuals

Snap's stock price shot up by more than 23% in after-hours trading Tuesday after the company posted Q3 results that beat analyst estimates.

Why it matters: Similar to other social media companies, Snap's business has done well during the ongoing COVID-19 pandemic.

Dan Primack, author of Pro Rata
Oct 20, 2020 - Economy & Business

Intel to sell NAND memory chip unit to South Korea's SK Hynix for $9 billion

Illustration: Lazaro Gamio/Axios

Intel agreed to sell its NAND memory chip unit, including a China production factory, to South Korea's SK Hynix for $9 billion in cash.

Why it matters: This would make SK Hynix the world's second-largest NAND chipmaker, behind only Samsung. It also gets Intel mostly out of the memory chip market, which is where it got its start.

Updated 29 seconds ago - Politics & Policy

Supreme Court blocks Alabama curbside voting measure

Photo: Mark Wilson/Getty Images

The Supreme Court on Wednesday evening blocked a lower court order that would have allowed voters to cast ballots curbside at Alabama polling places on Election Day.

Whit it matters: With 13 days until Election Day, the justices voted 5-3 to reinstate the curbside voting ban and overturn a lower court judge's ruling designed to protect people with disabilities.

Of note: Liberal Justices Elena Kagan, Stephen Breyer and Sonia Sotomayor dissented.

  • The lower court judge ruled in favor of a lawsuit arguing that curbside voting would "violate federal laws designed to protect America’s most marginalized citizens" during the COVID-19 pandemic.

Editor's note: This is a developing news story. Please check back for updates.