Apple Stock Falls 7.35% Amid '100-Year Flood' of Memory Cost Increases

Apple's stock took a 7.35% hit on Friday, July 31, after the company reported its strongest June quarter in history but guided lower margins due to surging memory chip costs.

The tech giant's revenue reached $109.4 billion, up 16% from last year, and earnings per share (EPS) came in at $2.02, a 29% increase year-over-year.

However, the company guided gross margin down to 47-48% for the September quarter, citing 'exponential' memory-cost increases as a '100-year flood', according to CEO Tim Cook.