Apple (APPL  ) shares are trading 6% higher in premarket trading following a blowout quarter. The company showed little impact from the coronavirus. It's also continuing to gear up for the iPhone 12 launch in the fall which is expected to be its best-selling phone and the catalyst for another upgrade cycle.

Inside the Numbers

The company reported $59.7 billion, 11% higher than 2019's Q2, which beat expectations of $52.3 billion. The company also has $193.8 billion in cash on hand.

Highlights, for the quarter, were double-digit growth for products and services. Going into the quarter, there were concerns that retail store closures, the weak economy, and the looming iPhone 12 release would negatively affect its second-quarter results. None of these worries materialized.

Apple's net income was $2.58 per share vs estimates of $2.04, this was also 18% higher than the previous year. iPhone revenue was $26.4 billion vs expectations of $22.4 billion. Service revenue was in-line with expectations at $13.2 billion. Gross margins at 38% were also met expectations.

Apple didn't give any guidance for the next quarter due to the number of variables, but it does expect some delays in the iPhone supply which could affect its planned September release. Due to these issues, Apple was dealing with inventory shortages, specifically for the iPad and Macs which could be a sign of strength for the next quarter. Currently, about 75% of Apple's retail stores are open around the world.

Apple also noted increased demand in the quarter due to work from home and kids taking classes online which drove increased sales of iPads and Macs. While iPhone revenue was 1.6% higher on a year over year basis, iPad sales were 31% higher.

Stock Price Impact

Apple also announced a 4 for 1 split in its share price which will take place at the end of August. This follows a 7 for 1 split in 2014. While most high-flying stocks these days are choosing to not split, especially with fractional trading. Apple is likely choosing to split its shares due to its inclusion in the price-weighted Dow Jones (DIA  ).

Apple's stock price and company performance have made bears and skeptics look foolish. It's also made a mockery of the law of large numbers. Historically, once companies reach a certain size, their growth slows, and they lose their competitive edge.

Based on its 6% premarket gain, Apple's market cap will be around $1.8 trillion. Despite its size, the stock price's ascent is accelerating, as it's up 92% from its March low. Further, it has a 0.85% dividend yield which is higher than the 10-year Treasury. On a forward P/E basis, it's cheaper than the S&P 500 (SPY  ) but growing faster with much, bigger margins. It also has a looming catalyst with the iPhone 12 release later this year, and it continues to take share away from Android (GOOGL  ).