Apple shares fall 8% after-hours after revenue forecast misses expectations
Apple's stock dropped 8% in after-hours trading on Thursday, thanks to its latest revenue forecast missing Wall Street's expectations.
The company predicted fourth-quarter growth of 9% to 11%, but analysts were hoping for more than 12%.
Ongoing supply chain issues, like chip shortages, are still making it tough for Apple to keep up with demand and keep device prices steady.
Tim Cook's last report as CEO
While iPhone sales soared by 22% (hello, iPhone 17 fans!), Apple missed targets in China and with its services.
China sales came in at $18.8 billion instead of the expected $19.6 billion, and services revenue hit $30.7 billion versus a hoped-for $31.4 billion.
This earnings report is also Tim Cook's last as CEO; he is expected to step down September 1, handing the reins to John Ternus, who faces some tricky supply challenges ahead.