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Apple shares slide after June-quarter record, outlook misses growth
Revenue rose 16% year over year, but guidance for the current quarter called for 9% to 11% growth versus about 12% expected by Wall Street.
Apple delivered its strongest June quarter on record, with revenue up 16% year over year and earnings ahead of consensus, while iPhone sales rose more than 20% and Mac revenue climbed nearly 30%, according to MarketBeat Ratings.
Despite the results, Apple shares fell sharply after the company’s outlook came in below what investors expected. Management guided to 9% to 11% revenue growth for the current quarter, roughly under the about 12% growth Wall Street was looking for.
MarketBeat Ratings also pointed to additional headwinds referenced in Apple’s forward view, including a meaningful currency drag and growing supply constraints linked to higher memory costs affecting the broader hardware industry.
The outlet framed the sell-off as a reflection of lofty expectations after the stock’s earlier run, arguing that even strong performance can disappoint when valuation and guidance expectations are set extremely high.