Apple Forecasts 9%-11% Q4 Revenue Growth as Supply Constraints Undercut iPhone Debut Quarter
Updated
Updated · Bloomberg · Jul 30
Apple Forecasts 9%-11% Q4 Revenue Growth as Supply Constraints Undercut iPhone Debut Quarter
3 articles · Updated · Bloomberg · Jul 30
Summary
Apple said fiscal fourth-quarter revenue will rise 9% to 11%, missing analyst expectations for more than 12% growth and sending the stock lower in late trading.
Component shortages drove the weaker outlook, with Apple signaling industrywide supply constraints are biting harder than previously anticipated.
The shortfall is notable because the September quarter is expected to include the launch of the next iPhone lineup, typically a key sales catalyst.
China sales and the services business also disappointed in the earnings report, adding to concern that growth is softening beyond supply issues.