Apple warned during Tim Cook’s final earnings call as CEO that the company is facing severe supply constraints that will impact iPhone and Mac sales in the coming months. The tech giant forecast revenue growth of 9 to 10 percent year-over-year for the current quarter, below the 12 percent analysts had expected. iPhone sales, which account for roughly half of Apple’s business, are expected to grow at a mid-single-digit percentage rate, a significant deceleration from the 22 percent growth posted in the previous quarter. Cook compared the DRAM memory chip market, dominated by Micron, SK Hynix, and Samsung, to a « hundred year flood » and confirmed that Apple had to raise prices on its Mac and iPad products in June. Apple shares fell roughly 6 percent after hours despite second-quarter revenue of $109.4 billion, up 16 percent year-over-year, and net income of $29.8 billion.
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