Apple posted third-quarter revenue growth of 16% year-over-year, driven by strong iPhone sales, clearing analyst expectations by a meaningful margin. Despite the beat, the stock dropped 8% in after-hours trading. The company guided September-quarter revenue growth of 9% to 11%, while flagging a 2.5-point foreign exchange drag and rising supply constraints.
Apple carries roughly 7% weight in the S&P 500, so an 8% after-hours decline pulls index ETFs like SPY and QQQ lower at the open. The deceleration from 16% growth in Q3 to a guided 9-11% in Q4 signals that the iPhone cycle is cooling, which affects semiconductor suppliers and component makers in Apple's supply chain.
Next earnings: Apple Q4 results, expected late October. September CPI report, approximately October 10. Federal Reserve rate decision, November 6-7.
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