Apple Shattered Records, But Supply Woes Send Stock Plummeting

Apple's quarterly performance was one for the books as it shattered records in revenue and earnings. The tech giant reported $109.4 billion in revenue, a 16% increase from last year, with earnings per share climbing 29% to $2.02, surpassing Wall Street's consensus of $1.89 per share.

iPhone revenue reached $54.3 billion, up 22% year-over-year, setting a new June-quarter record driven by the iPhone 17 family's historic launch. Mac revenue increased by 29%, and Apple's Services segment set a record with every category hitting record revenue as the company surpassed 1.5 billion paid subscriptions for the first time.

However, despite the impressive numbers, investors responded by wiping $362 billion from Apple's market capitalization in premarket trading. The stock price tumbled 7% due to concerns over a supply crisis that CEO Tim Cook warned would worsen and spread to iPhone, iPad, and other products.