Apple Stock Plummets on Memory Crunch Warnings

Apple's stock plummeted by over 7% after a memory crunch and supply constraints overshadowed its record-breaking June quarter.

The company's shares closed on Friday at $308.91, wiping hundreds of billions from Apple's market value, as investors focused on weaker-than-expected guidance for the September quarter.

Apple forecast revenue growth between 9% and 11%, below Wall Street expectations of around 12%, while warning that shortages of memory and advanced chipmaking capacity would continue to affect its products.

In a statement, Apple's CEO Tim Cook described the surge in memory pricing as a '100-year flood', driven partly by booming demand from artificial intelligence data centres.