It’s been a great week for Apple Inc. (NASDAQ:AAPL), which rose from 531.70 at the close of trading on Tuesday, April 22, 2014, to 592.33 at the close of trading on April 29, for a gain of 11.40 percent for the week.
As of mid-day Wednesday, the stock price had reached a 52-week high.
The good news started last Wednesday, when Apple reported better-than-expected revenue for the second quarter of fiscal year 2014 (the three months ending March 29, 2014) and announced it was increasing its stock buyback and dividend programs.
Apple reported $45.6 billion in revenue for the quarter.
That beat the analysts’ expectations of $43.62 billion and also beat Apple’s own guidance of $42 billion to $44 billion.
It also was an increase from a year earlier, when Apple’s revenue was $43.6 billion for the quarter.
Apple CEO Tim Cook said, “We’re very proud of our quarterly results, especially our strong iPhone sales and record revenue from services.”
Apple sold 43.7 million iPhones during the quarter, significantly more than the 37.43 million sold during the same time period the year before, and beating the analysts’ projection of 37.97 million.
In a conference call, Apple’s vice president of finance said that Apple has “continued to do very well in emerging markets with the 4S,” with very strong growth in Latin America, Asia-Pacific, and Eastern Europe.
iPad sales, however, declined to 16.35 million from 19.48 million a year ago, which was lower than analysts’ expectations of 19.38 million.
Apple also announced an unusual 7-for-1 stock split, which will be completed on June 9, which might open the door for AAPL to be included in the Dow.