Apple Stock Plunges 7.2% Amid Record Earnings and Leadership Transition

Apple's stock has declined by 7.2% after releasing record June-quarter results, which included revenue of $109.42 billion and net income of $29.79 billion.

The company also maintained its dividend at $0.27 per share and provided a cautious outlook due to worsening supply constraints and higher memory and chip costs.

Apple is preparing for the transition from CEO Tim Cook to John Ternus, which could impact how investors view the company's hardware profitability and services-led growth story.