Apple's Stock Dives on Forecast Miss Amid Supply Constraints

Apple's stock price dipped by 6% in overnight trading after the company issued a forecast that missed analysts' expectations. The iPhone maker said supply constraints and currency headwinds would continue to impact its business in the September quarter.

The sales growth for the September quarter is expected to be between 9% and 11%, below analyst estimates of roughly 12%. Gross profit margins will also fall short of estimates.

Supply constraints, mainly securing memory chips, have plagued Apple for several quarters, making it difficult for the company to meet demand for iPhones, Macs, and iPads. These constraints are expected to worsen in the September quarter.

Despite the forecast miss, some traders believe that the concerns may be overblown. Deepwater Asset Management managing partner Gene Munster said that if not for FX and supply constraints, Apple's sales growth would have called for a 15% year-over-year increase in September versus analyst estimates of 12%.