On July 31, Apple fell 6.63% in pre-market trading, trading at $311.58/share. The decline was triggered by weaker-than-expected Q4 fiscal guidance and escalating supply chain constraints disclosed during its Q3 earnings call.

Apple reported Q3 FY2026 revenue of $109.42 billion, up 16% year-over-year, with net income of $29.79 billion, up 27%. iPhone revenue grew nearly 22% to $54.25 billion, slightly beating estimates. Mac sales surged over 25%, driven by MacBook Neo success. However, services business and China market results fell short of expectations.

The selloff was primarily driven by Q4 guidance projecting only 9%-11% revenue growth, below the 12.1% Wall Street consensus. CFO Kevan Parekh warned that supply constraints will significantly intensify from the June quarter into the September quarter, impacting iPhone, Mac, and iPad production. Memory procurement costs rose sharply, with CEO Tim Cook noting supply chain flexibility is below normal levels. Cook stated Apple is evaluating all options for DRAM sourcing diversification. The company faces a triple supply gap from advanced chips, storage components, and assembly capacity ahead of its iPhone 18 Pro and foldable iPhone launches.

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