Apple has a announced plans to carry out a 7 for 1 stock split that will see its outstanding shares increase 7 times and share price drop in tandem. This announcement is on the back of its most recent quarter result where it posted earnings of $11.62 a share, on revenue of $45.6 billion as it sold 43.7million iPhone sales.
The company, which posted quarterly earnings and revenue that topped estimates Wednesday, announced plans to boost its stock buyback program, raise its dividend and split its stock 7-for-1, sending shares nearly 8 higher in the after-hours trading.
A Reuters article suggest the stock split may just be a way for America’s largest company to join the Dow Jones Industrial Average of 30 prestigious US stocks.
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