Apple to split stock following blockbuster earnings

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Apple delivered another blockbuster quarterly earnings report Thursday and with the Apple stock price approaching $400 a share the company announced that it would have a stock split this year.

The company behind the iPhone had Wall Street estimates for revenue at $52.2 billion, but the company flew by those numbers hitting $59.7 billion. That is an increase of 11 percent compared to the quarter a year ago.

A four-for-one stock split will be offered “to make the stock more accessible to a broader base of investors,” according to the earnings release. At the close of the market on August 24th, each Apple shareholder of record  will get three extra shares for every share held. Split-adjusted trading will begin on August 31.

Apple previously had a 7-for-1 stock split in 2014.

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