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        <title><![CDATA[Apple smashes earnings expectations, announces 4-for-1 stock split]]></title>
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            <media:title type="html">Apple smashes earnings expectations, announces 4-for-1 stock split</media:title>
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        <content:encoded><![CDATA[<p>The work-from-home trend helped Apple boost sales by 11 percent last quarter — and now it’s reducing its stock price by 75 percent to attract new investors.</p><p>The iPhone maker on Thursday reported earnings per share of $2.58 on revenue of $59.7 billion, beating the Street’s expectations of $2.04 on sales of $52.2 billion.</p><p>Apple also announced a 4-for-1 stock split which will take place at the end of August, meaning that investors will be able to buy a piece of the tech titan for a quarter of its current price.</p><p>The stock jumped more than 5 percent in extended trading on the surprise upside, sending Apple’s shares to a new all-time high of $404.50.</p><p>The hardware giant cited strong demand for its apps and work-from-home devices like iPads, sales of which  shot up 31 percent compared to last year.</p><p>Sales of the company’s iconic iPhone clocked in at around $26.4 billion, a gain of less than 2 percent over last year — but it still bested analysts’ expectations by $4 billion. The numbers were fueled by a “strong” launch for Apple’s new budget iPhone SE, which was introduced in April, CEO Tim Cook said.</p><p>“I think the economic stimulus that was in place — and I’m not just focused on the U.S., but more broadly — was a help,” Cook said in an interview with Reuters.</p><p>The company also saw strong sales in its greater China region, where aggressive pricing during a June holiday shopping season and lower-priced iPhone SE model released in April helped boost sales 2 percent to $9.3 billion from $9.16 billion a year earlier.</p><p>Sales in its services segment, which includes businesses like iCloud and Apple Music, rose 14.8 percent to $13.2 billion, compared with $11.5 billion in the year-ago quarter.</p><p>Apple&#8217;s wearables, which include the Apple Watch and mega-popular AirPods, rose 16.7 percent to $6.5 billion, surpassing forecasts of $6 billion.</p><p>Apple did not give a fiscal fourth-quarter forecast.</p><p>Recent reports indicate that Apple&#8217;s next lineup of iPhones will be announced in the &#8220;latter half of October.&#8221; The date is later than its traditional September launch, but will still see the company&#8217;s first 5G iPhone hit stores just in time for the all-important holiday season.</p><p>Apple shares are up 30 since its last earnings report, and briefly hit an all-time high of $399 earlier this month. The iPhone maker has had a rollercoaster quarter, triumphantly reopening its stores across the country after an extended shutdown before having to shutter a number of them when cases began to climb again.</p><p>For the second earnings report in a row, Apple did not give a forecast for the upcoming quarter, citing uncertainty brought on by the virus.</p><p><em>With Post wires.&nbsp;</em></p>]]></content:encoded>
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