The disappointing forecast sends Apple shares down 7.4% to $308.91 in New York on Friday, their biggest single-day drop since April 3, 2025

Apple shares fell sharply after supply concerns overshadowed an earnings beat, wiping out roughly $390 billion in market value.

Apple’s iPhone revenue jumped by almost 22% in the three months to June, but its forecast for the current quarter fell short of analysts’ expectations.