Apple's stock price hit its biggest drop in 16 months, and the shortage of components dragged down the tech giant's sales expectations, indicating that the negative impact of supply chain restrictions faced by the entire industry was more serious than expected. Apple said on an earnings call on Thursday that revenue for the fourth fiscal quarter ending September is expected to increase by 9% to 11%. Analysts had anticipated an increase of more than 12%. Apple has been plagued by a shortage of memory chips and computer processors, which forced the company to raise Mac and iPad prices in June. Supply constraints have led to extended wait times for important computer products such as the Mac mini and Mac Studio. Chief Financial Officer Kevan Parekh said in a conference call that supply restrictions will affect the iPhone, Mac, and iPad business in the quarter ending September. Exchange rate fluctuations are also dragging down growth, he said. The disappointing performance outlook led to Apple's stock price plummeting 9.5% to $301.83 when opening Friday, the biggest intraday decline since April 3, 2025. To some extent, the fiscal season was also the end of CEO Tim Cook. Cook will hand over management to hardware business head John Turnus on September 1. Since taking charge of Apple in 2011, Cook has promoted product line diversification and raised the company's annual sales to nearly $500 billion.

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