Why did Apple shares plunge over 6% after beating Q3 estimates?
Apple posted solid financial results for Q3 on Thursday — beating estimates amid strong iPhone and MacBook sales. Revenue grew 16% to $109.42 billion while earnings rose 27% to $29.79 billion in the April-June period. But shares of the company fell by 6.33% in after-hours trade amid a sluggish revenue growth forecast for the September quarter. CEO Tim Cook has cited an ongoing memory-chip shortage driven by the artificial intelligence boom as a key reason.
