Apple is trading 9.4% down at $302.24 after its latest earnings report disappointed investors in key growth areas despite record gross margins.
- While the company beat overall revenue and reported record 50% gross margins, Services and China sales fell short of analyst expectations.
- Investors are reacting cautiously to future guidance and commentary regarding the CEO transition.
- Shares are facing additional pressure as capital rotates into tech competitors with stronger cloud and AI growth trajectories.