Memory-cost headwinds push Apple stock lower despite strong iPhone demand
Apple stock sank about 9% after reporting Q3 revenue of $109.4 billion (up 16% YoY) with iPhone revenue up 22% to a June-quarter record, while Services and Greater China missed estimates and the company guided Q4 revenue growth of 9–11%, below consensus. CEO Tim Cook warned rising memory and storage costs driven by AI infrastructure could increasingly impact results, prompting price hikes on Macs and iPads while keeping iPhone prices for now.