The Apple stock fell 7.5% during premarket hours on Friday despite delivering one of the strongest June quarters in its history. The iPhone maker reported fiscal Q3 revenue of $109.42 billion, up 16% year over year, while net income surged to $29.79 billion.
For the quarter, earnings per share of $2.02 was well above consensus estimates, which combined with growing revenue and stronger iPhone demand, dominated headlines. However, investors likely took note of the softer outlook due to supply chain roadblocks and the company becoming more reliant on the iPhone despite years of efforts to position itself as having evolved beyond a smartphone company.
