Apple shares are sliding Friday after the Cupertino giant posted a record-breaking quarter and then immediately killed the mood with a weak revenue forecast. CEO Tim Cook flagged an "increasing impact" from a memory shortage as a key headwind, and Wall Street took one look at that guidance and bailed.
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For California, where Apple employs tens of thousands and anchors Silicon Valley, the selloff is moving fast. "Apple stock price" is spiking in searches right now as investors and employees scramble to figure out what's next for AAPL.
This story is developing, and details may change as markets react throughout the day.
Why Is Apple Stock Down?
Early reports point to three main pressures dragging AAPL lower. The biggest: the soft revenue guidance Apple handed investors alongside what was otherwise a monster earnings report. Cook specifically cited a memory shortage that's having an increasing impact on the company's operations, a supply chain headache analysts have been watching for months. One record quarter wasn't enough to paper over the concern about what's coming next.
Tim Cook Steps Back on Earnings Call
The numbers aren't the only story here. Ars Technica reports that Cook "passed the baton" during Apple's Q3 2026 earnings call. It's a notable moment, and it's already fueling speculation about a leadership transition at one of the most closely watched companies on the planet. What exactly it means for Apple's future hasn't been fully confirmed yet.
What to Watch Next
Investors will be tracking how far AAPL falls and whether Apple offers any updated guidance on the supply chain situation. California workers with stock-based compensation are particularly exposed to an extended slide. Check back as this story develops — numbers and context will be updated as more details come in.