Episode summary
Instant Reaction: Apple Slides After Supply Shortages Hurt Its Sales Forecast | Bloomberg...
Bloomberg Surveillance
· · 13 min · Hosts: Tom Keene, Paul Sweeney, Lisa Mateo, Michael Barr, Tim Stenovec, Carol Massar · Guests: Ed Ludlow, Anurag Rana, Mark Gurman
Summary
Apple’s after-hours drop came after a mixed June-quarter print and a weaker-than-expected outlook for the fiscal fourth quarter. The company reported revenue of $109.42 billion versus $108.85 billion expected, EPS of $2.22 versus $1.89, and iPhone revenue of $54.25 billion versus $53.6 billion expected. But services revenue came in a bit light, China revenue missed estimates at $18.82 billion, and the company said supply shortages would weigh on sales growth ahead.
The biggest concern was guidance: Apple said fourth-quarter revenue would rise 9% to 11%, below analysts’ expectations for more than 12% growth. The host and analysts said the shortfall pointed to component constraints and memory costs, even as gross margins held up better than feared. One analyst said the China miss was the main hiccup, while another stressed that the iPhone number and Mac strength were still impressive.
The conversation also turned to what comes next for Apple’s product roadmap. Analysts argued that iPhone growth is still central, but that tougher comparisons will make next year harder. They said foldable iPhones, smart glasses and other AI devices could help longer term, while Vision Pro appears to be on the back burner.
Key takeaways
- Apple beat on revenue, EPS and iPhone sales, but the market focused on the weaker outlook and China shortfall.
- The host said the fiscal fourth-quarter revenue guide of 9% to 11% growth was below Wall Street’s expected pace.
- One analyst said gross margins were better than expected, helped by tariff refunds, even as memory costs remain a concern.
- Another analyst said services softness matters more than the iPad miss because services are a higher-priority business line.
- Mark Gurman said Apple’s next major growth story may come from AI devices, especially smart glasses, rather than Vision Pro.
Notable quotes
“iPhone revenue coming in above estimates at $54.25 billion. The estimates for $53.6 billion”
“the only place where I see slight hiccup is greater China”
How the episode opens
I don't love the word retirement because I think it has negative baggage. I like the word financial independence. If you were to be financial independent, like how would you spend your time?
I think that's a better way to think about the end of life stage versus quote unquote retirement. Support for this show comes from public.com. If you're actively involved in your portfolio, you probably catch yourself repeating the same actions.
Buying the dip, manually sweeping idle cash, putting on a hedge. On public, you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English, like if the VIX hits 25, buy a put option on the S&P 500, or if my cash balance goes above $20,000, move the excess into my direct index.
You approve the workflow, and your agent handles the risk, monitoring the market, watching for your conditions, and executing your strategies exactly as defined. an investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API.
Go to public.com/market and fund your account in 5 minutes or less. That's public.com/market. Paid for by public investing.
Brokerage services by Open to the Public Investing Inc. Member FINRA and SIPC. Advisory Services by Public Advisors LLC.
SEC registered adviser. Complete disclosures available at public.com/disclosures.
Get the news you need in just 15 minutes. — Start your day with Bloomberg Daybreak, the podcast with a global view on the stories that matter. I'm Nathan Hager. — And I'm Karen Moscow. Join us each morning for curated stories on current events, politics, business, and foreign relations.
Plus, one conversation on the day's biggest developments, all in just 15 minutes.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- apple sales forecast
- supply shortages
- earnings outlook
- tech supply chain
- stocks drop
Companies and tickers mentioned
- AAPL
- Apple
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
More from Bloomberg Surveillance
-
Stocks Rise as Inflation Data Ease Fed-Hike Worry | Bloomberg Surveillance -
Bloomberg Surveillance TV: November 13th, 2026 | Bloomberg Surveillance -
Bloomberg Surveillance TV: November 12th, 2026 | Bloomberg Surveillance -
Jensen Huang Ousted by Nvidia Board as CEO | Bloomberg Surveillance -
Bloomberg Surveillance TV: November 11th, 2026 | Bloomberg Surveillance -
AI Stocks Rebound as Fed Hike Bets Return | Bloomberg Surveillance
Bloomberg Surveillance, this episode and its artwork belong to Bloomberg. Octagon is not affiliated with the show; this page is an independent summary.
