SAN FRANCISCO – Apple tumbled in late trading after component shortages weighed on the company’s sales forecast, signalling that industry-wide supply constraints are taking a bigger toll than anticipated.Revenue will rise 9 per cent to 11 per cent in the fiscal fourth quarter, which runs through September, the company said on a post-earnings conference call on July 31. Analysts had estimated growth of more than 12 per cent in the period, which is likely to be the debut quarter for the next iPhone models.Apple has been struggling to secure enough computer processors and counter fast-rising memory costs, a situation that forced the company to raise prices on Macs and iPads in June. The supply crunch has also led to extended wait times on key computers like the Mac mini and Mac Studio. On the call, Chief Executive Officer Tim Cook said constraints would affect more Macs, iPhones and iPads in the current quarter. Currency fluctuations are hampering growth as well.The disappointing forecast sent Apple shares down about 6 per cent in extended trading.Cook likened the memory cost issue to a “100-year flood”, while adding that the chip shortages were fuelled by higher-than-expected demand for the iPhone and Mac. He specifically cited consumer interest in the iPhone 17 line and MacBook Neo, a new low-cost laptop. Apple also said services growth would decelerate in the September quarter. And it warned of an impact from regulatory changes to its App Store business model in the European Union and elsewhere. New legislation allows developers to collect subscription payments directly, bypassing Apple’s fee. Gaming revenue was softer than anticipated, too.In addition, the tech giant’s results showed weaker-than-expected revenue in China and from services during the June quarter. China sales amounted to US$18.8 billion (S$24.1 billion), short of the US$19.6 billion estimated by some analysts.Revenue from services grew a disappointing 12 per cent to US$30.7 billion, compared with a US$31.4 billion projection. That business includes Apple Music, the App Store, iCloud subscriptions, streaming video and other digital offerings. Still, total sales topped estimates, climbing 16 per cent to US$109.4 billion.The quarter serves as a swan song of sorts for Cook, who will hand the reins to hardware head John Ternus on Sept 1. Cook, Apple’s leader since 2011, diversified the product lineup and increased annual sales to nearly half a trillion dollars. The stock had been up 23 per cent in 2026 heading into the results, outpacing many tech peers. Apple reclaimed its title as the world’s most valuable company in recent days – overtaking Nvidia – in part because it’s seen as a safe haven from runaway AI spending. The company has a current market value of almost US$5 trillion.The iPhone, Apple’s biggest moneymaker, was a bright spot last quarter. The product’s revenue rose 22 per cent to US$54.3 billion during the period, topping estimates of US$53.6 billion. The numbers suggest that demand remains solid for the iPhone 17 series launched last September. The company also rolled out a new low-end 17e model in March.Earnings rose to US$2.02 a share in the third quarter, which ended June 27. That compared with an average projection of US$1.89 a share.Mac revenue came in at about US$10.4 billion, growing 29 per cent from a year earlier. That marks another highlight and is an area of particular importance to Ternus. The company launched new Macs in March, including the MacBook Neo, M5 versions of the MacBook Pro and a fresh MacBook Air. Wall Street was looking for US$8.62 billion.The iPad brought in sales of US$6.19 billion, missing estimates of US$6.89 billion. Apple launched a new iPad Air in March and an updated iPad Pro last October. But both those upgrades were built around new chips, rather than major design changes. Apple is planning several new Macs and iPads across the end of 2026 and next spring that could help boost sales. They include the first touch-screen MacBook and a revamped iPad mini, part of end-to-end refreshes to both product lines.Apple’s wearables, home and accessories category brought in revenue of US$7.88 billion, up 6.5 per cent from a year earlier. That matched estimates of US$7.87 billion. Apple is looking to give this segment a boost in the coming months with new watches and a revamped slate of home devices, including a home hub and new TV set-top box.The company is also making some changes to how it offers products. On July 29, it rolled out a device leasing program called Apple Upgrade, allowing users to essentially subscribe to iPhones, iPads and Macs and trade them in at the end of their lease terms. The programme, which resembles car leasing, will likely mitigate the recent price increases for many buyers.Ternus, a 25-year veteran of Apple, is set to take charge about two-thirds of the way through the current period. The fourth quarter is a critical one for the company because it’s when new iPhones and other major devices typically go on sale. Ternus faces the challenge of adapting Apple to the AI era. The Cupertino, California-based company has struggled to catch up in this area, with its artificial intelligence services lagging behind those of Silicon Valley peers. “There is so much opportunity for us, with everything that’s happening in this space, and we’re just really focused on our plans and very excited about it,” Ternus said during the call. Cook said Ternus would lead earnings calls moving forward.The incoming CEO will have a host of new products to show off after he takes over. Apple is preparing to introduce its first foldable iPhone, smart glasses and other wearable devices. Other challenges loom. Ternus will need to replenish Apple’s leadership bench as many of its senior executives near retirement. He’ll also have to reverse a talent drain at the company, which has lost staff to OpenAI and other AI rivals. Bloomberg