Apple's stock has hit a new milestone — $500 per share — in pre-market trading on Monday after a particularly profitable quarter.
The milestone comes shortly after Apple blew away all expectations for the June quarter. Apple reported revenue of $59.7 billion for the third quarter of 2020, profoundly beating Wall Street estimates, in a quarter where the company continued to feel the effects of the COVID-19 pandemic. Overall revenue for Apple was up 11% from Q3 2019, when it reported a record-setting $53.8 billion.
A week after Apple became first U.S. company traded on Nasdaq to have a valuation in excess of $2 trillion, it hit the $500 milestone. The milestone was hit outside of normal trading hours, with the stock opening at $514.71 per share.
In July, AAPL share prices hit the $400 milestone. The stock price surge came after Apple reported third-quarter earnings that smashed analyst expectations. Although the company didn't guide for the June quarter, the general consensus pre-earnings report averaged $51.47 billion.
Apple's board of directors announced a four-for-one stock split that would occur on August 31. This is just six years after the previous split, "to make the stock more accessible to a broader base of investors."
January saw a record high of $300 per share, owing much of its success to immense gains in wearables and continued services growth.