Apple Shares Fall on Weak Holiday Forecast
Apple shares dropped after the company forecast lower gross margins and weaker services revenue growth for the holiday quarter. Rising memory-chip costs and supply constraints for the new iPhone Duo impacted the outlook despite beating fourth-quarter earnings estimates.
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Apple Inc. shares fell 4% on Monday after forecasting gross margins of 45% to 46% for the December quarter, missing analyst estimates. The weaker outlook stems from rising memory-chip costs that threaten hardware profitability. Investors face a slower services growth trajectory as the tech giant navigates a transition under its new leadership.
