Apple shares dropped 7.4%, pushing its market value back below $5 trillion, after the company issued revenue guidance below analyst expectations. The tech giant forecast September-quarter revenue of $111.7 billion to $113.7 billion, missing the $115 billion consensus, citing foreign-exchange headwinds and supply constraints tied to rising memory chip costs. CEO Tim Cook warned that memory prices are expected to keep climbing beyond September, potentially having an increasing impact on the business, and gross margin is projected at 47% to 48%, flat from a year ago. The sell-off followed a strong fiscal third quarter in which revenue rose 16% to $109.4 billion and earnings per share reached $2.02, beating estimates.
Apple Inc.Apple issued revenue guidance below consensus and warned of rising memory costs and FX headwinds, causing shares to fall 7.4%.
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