Apple Stock Drops on Slower Revenue Growth Due to Supply Limitations

Apple's stock took a hit in after-hours trading on Thursday as the company reported revenue growth that fell short of analyst expectations. The tech giant projected revenue growth of 9% to 11% for its current quarter, below the 12% increase predicted by Wall Street.

This slowdown was attributed to supply limitations rather than weak demand. Chief Executive Tim Cook explained that Apple is facing significant supply constraints due to the limited availability of advanced chipmaking technology used in its hardware.

The company's fiscal third-quarter revenue rose 16.4% to $109.42 billion, surpassing analyst estimates for a 15.5% increase. However, services revenue and Greater China sales missed analyst forecasts.