Apple Beats on Revenue but Sinks 7% on Weak Guidance

The Main Points

• Apple shares fell 7% after the company issued weaker-than-expected guidance for the current quarter.
• The company cited ongoing supply constraints as the reason for the cautious outlook.
• The guidance miss came just days after Apple briefly touched a $5 trillion market cap and overtook Nvidia as the world's most valuable public company.
• Apple stock had climbed roughly 25% so far this year heading into the report, outpacing most megacap peers.
• The pullback highlights how quickly sentiment can shift even for a company hitting historic valuation milestones.