Apple Stock Drops as Chip Shortages Offset Record Revenue
Apple Inc.'s stock fell sharply following its earnings report due to concerns over worsening chip shortages and rising memory costs that are expected to limit product availability. Despite reporting a record fiscal third-quarter revenue of $109.4 billion, up 16% year-over-year, the company's weaker-than-expected forecast caused shares to drop by nearly 7.5%. iPhone and Mac sales exceeded forecasts, but Services, iPad, and Greater China revenue fell short. Apple CEO Tim Cook acknowledged a
Tickers: $AAPL
Topics: chip_shortage memory_costs stock_drop supply_chain_issues