Apple Stocks Plummet Amid Component Shortages

Apple's stock plummeted to its worst decline in 16 months after the tech giant revealed disappointing sales forecasts. The company attributed the downturn to component shortages, which are taking a bigger toll than anticipated on industry-wide supply constraints.

In its fiscal fourth-quarter forecast, Apple predicted revenue growth of between 9% and 11%. This is lower than analysts' estimated growth of over 12% in the period, which will be the debut quarter for the next iPhone models.