Apple’s share price rose above $400 during after-hours trading yesterday following the earnings release, but now that the mark has been breached during regular trading, it’s considered official as an intraday all-time high.
Apple’s stock had dropped as low as $224 in late March as concerns mounted over the global health crisis, but it has experienced a strong and steady recovery since, rising over 80 percent in the last four months. Many other large tech companies have experienced similar surges, including Amazon, Microsoft, and Google parent Alphabet.
As part of its earnings release yesterday, Apple also announced that it will be initiating a four-for-one split of its stock in late August. The move will drop the price of a single share of the company’s stock to around $100, before accounting for any changes in price between now and the effective date for the split. Current owners of Apple stock will receive three additional shares for each share they own.