Apple warns of supply chain constraints, shares fall 7.3% in pre-market trading
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Apple shares dropped 7.3% before market open on Friday, July 31, 2026. The company said shortages of advanced chipmaking capacity are limiting supplies of iPhones, Macs, and some iPads. CEO Tim Cook emphasized that the softer outlook stems from supply constraints, not weak demand. Apple’s current quarter revenue growth forecast of 9–11% is below Wall Street’s ~12% expectation. iPhone revenue growth in the mid-teens also lags analyst estimates. Additionally, Cook announced he will hand over the CEO role to John Ternus in early September, marking the end of a leadership era that built Apple into one of the world’s most valuable companies.