Apple's Strong Earnings Can't Shield Stock from Massive Market Value Loss

Apple's latest earnings report exceeded expectations in several areas, but it wasn't enough to shield the company from a massive market value loss of over $400 billion.

The tech giant reported revenue of $109.4 billion, up 16% year-over-year, with diluted earnings of $2.02 beating analyst estimates of $1.89.

However, Apple's guidance for the September quarter fell short of Wall Street expectations, with a growth rate of 9-11% compared to the expected 12%.

The company also warned that supply constraints would worsen in the upcoming quarter, driven by rising memory costs and AI data center demand absorbing chip-making capacity.