Apple's stock experienced a significant opening drop of roughly 10% following the release of its fiscal Q3 2026 results. The company reported strong revenue of $109.4 billion (up 16%) and net profit of $29.8 billion (up 27%). However, the positive figures were overshadowed by concerns raised during the subsequent conference call.

Key issues contributing to the stock's decline include a slowdown in Services growth, attributed partly to mobile gaming weakness and App Store business model changes. More critically, Apple warned of worsening supply constraints for iPhone, iPad, and Mac in the September quarter. CFO Kevan Parekh indicated the impact will "increase significantly."

The opening dip, the worst since August 2024, erased approximately $430 billion from Apple's market value. This decline has caused Apple to fall behind Nvidia again in market capitalization, a transition that may complicate CEO John Ternus's tenure.