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#AppleBeatsButDrops #AppleBeatsButDrops Apple posted its strongest June quarter ever — $109.4B revenue (+16% YoY), $2.02 EPS (+29% YoY), beating consensus of ~$108.9B/$1.89. iPhone revenue hit $54.3B (+22%), Mac $10.4B (+29%). Yet shares fell 6-10% in after-hours/Friday trading, in Tim Cook's final earnings call as CEO before handing the role to John Ternus on September 1. Two things overshadowed the beat: Services revenue came in at $30.74B, below the $31.22B expected — the actual miss within an otherwise strong report. But the bigger driver was Q4 guidance of just 9-11% growth (~$113B), well below the ~$114.9B analysts wanted, with Tim Cook citing supply constraints from the industry-wide memory chip shortage (soaring DRAM/NAND prices from AI datacenter demand) pushing up costs on Macs and iPads. Also worth flagging: $0.11 of the EPS beat came from a one-time tariff refund — strip that out and underlying margins were only in line, not a real beat. This fits the exact pattern seen across Alphabet, Tesla, and now Apple this earnings season: strong headline numbers overshadowed by capex/cost/guidance concerns that spook investors regardless of the beat.