Stock holders in Apple Inc. (NASDAQ: AAPL) will have much to cheer from its third quarter results, released on Thursday (overnight Aussie time).
The company's quarterly revenue leapt 11% from the same quarter in 2019, hitting US$59.7 billion (AU$82.9 billion). Fully 60% of the quarter's revenues came from international sales.
Quarterly earnings per share (EPS) were up 18%, to US$2.58. And operating cash flow was $16.3 billion. Both figures represent a new record for the June quarter.
The Board of Directors declared a cash dividend of $0.82 per share of the Company's common stock. That will be paid out on 13 August. If you want part of that dividend payment, you'll need to own shares before 10 August.
Additionally, the Board of Directors approved a four-for-one stock split. That's intended to make the stock, currently trading for US$384.76 (AU$534.31) per share more accessible to mum and dad investors.
A word from Apple's CEO Tim Cook
Apple's record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments. 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. This is a challenging moment for our communities, and, from Apple's new $100 million Racial Equity and Justice Initiative to a new commitment to be carbon neutral by 2030, we're living the principle that what we make and do should create opportunity and leave the world better than we found it.
While the COVID-19 pandemic lockdowns have hampered many businesses, Apple has clearly come out on top. With hundreds of millions around the world unable to leave their homes over the past months, even to visit your family, iPhones and iPads have offered a way to remain connected.
Is it too late to buy Apple stock?
Apple trades on the Nasdaq Composite (INDEXNASDAQ: .IXIC). The stock closed up 1.2% on Thursday. The Apple share price is up 6.4% in after-hours trading.
Year-to-date the Apple share price is up 28%, having gained an astonishing 80% over the past 12 months. That puts Apple's market cap at US$1.67 trillion (AU$2.32 trillion).
I can't see Apple's share price gaining another 80% over the coming 12 months, though it's certainly possible. But if you're looking for a venerable blue chip tech stock, I believe Apple has a lot more growth ahead in the years to come.
