Wall Street is reacting poorly to Apple’s fiscal Q3 2026 results and its outlook for the September quarter. Here are the details.

After the market closed yesterday, Apple released its Q3 2026 results, reporting $109.4 billion in revenue, up 16%, and $29.8 billion in net profit, up 27%.

However, as soon as Apple released the report, the company’s stock dipped roughly 3% in after-hours trading and kept dropping as hours progressed, as shareholders had time to digest some of the bad news included in the report and further detailed in Apple’s conference call commenting on the results.

Those headwinds included a slowdown in Apple’s Services growth, due in part to weakness in mobile gaming and changes to the App Store’s business model in several markets. More significantly, Apple warned that supply constraints will worsen considerably in the September quarter.

The company expects the shortages to affect iPhone, iPad, and Mac availability, with CFO Kevan Parekh saying the impact will “increase significantly” from the June quarter.

Apple shares opened down 8.6% on Friday (and are still dropping), wiping roughly $430 billion from the company’s market value, and marking their worst opening move since August 2024, when Berkshire Hathaway disclosed that it had nearly halved its stake in the company. Today’s opening move gave back nearly half of the gains Apple had accumulated over the past several weeks.

Just days ago, that optimism briefly pushed Apple’s valuation above $5 trillion for the first time, allowing it to overtake Nvidia as the world’s most valuable company. Apple has now fallen back behind Nvidia, potentially making the CEO transition to John Ternus less spotless than many (Cook included) had expected.

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