Apple stock falls on chip shortage concerns despite blockbuster earnings
NY Post
Apple knocked investors’ expectations out of the park with a strong second quarter earnings report Tuesday evening — but the company’s stock fell sharply on Wednesday morning as the company warned that supply constraints will hurt future sales.
Apple shares were trading down about 2.8 percent shortly at as low as $142.71 shortly after market open on Wednesday, before recovering somewhat to $146.23 later in the morning, according to MarketWatch data. Amid Apple’s blockbuster second quarter earnings presentation — in which surging sales for iPhones, Macs and iPads catapulted revenue to $81.4 billion — was a warning that the ongoing semiconductor shortage will affect revenue in the third quarter.More Related News