TLDR Apple stock fell 4.46% to $323.23 in Tuesday’s premarket trading following its quarterly earnings report. Apple’s manufacturing purchase commitments increased by $33 billion to $89.7 bil
Apple (AAPL) stock fell 4.46% to $323.23 in premarket trading Tuesday at 8:21 a.m. ET. The decline followed Apple’s warning about higher memory costs and a $33 billion rise in manufacturing purchase commitments, despite stronger quarterly earnings.
Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12% from a year earlier. Revenue exceeded the $113.4 billion analysts expected. Earnings reached $2.10 per share, above estimates of $1.99, including five cents from tariff refunds.
Shares closed Monday at $338.32 after two losing sessions. The report arrived during a busy week for technology earnings, with other major companies also reporting results. Apple expects December-quarter revenue to increase between 7% and 10% from a year earlier.
Chief Executive John Ternus said supplier commitments increased by $33 billion between June and September. Apple’s annual filing, released Tuesday, put September manufacturing purchase obligations at $89.7 billion, compared with $57 billion in June. Of the September total, $82.7 billion falls due within 12 months.
The commitments cover planned purchases from suppliers and contract manufacturers, rather than existing debt. Apple did not disclose how much involved memory chips. Chief Operating Officer Sabih Khan said memory shortages could restrict Mac and iPad supplies during the holiday quarter. Inventory rose 31% to $14.54 billion. Earlier stockpiles offer temporary relief from recent memory price increases.
Apple forecast a gross margin of 45% to 46% for December, down from September’s 47.9%. Analysts had expected about 47%. September’s result included roughly one percentage point from tariff refunds, placing its adjusted margin near 46.9%. This followed recent heavy selling of AI-linked shares.
Chief Financial Officer Kevan Parekh identified memory prices as the main reason for the expected decline. Siri AI cloud costs also feature in the forecast. Ternus called current memory prices “unprecedented” and expects further increases after December. Apple raised prices on several iPhone, Mac and iPad products during 2026.
Apple-linked token AAPLB traded at $325.64, down 5.22% over 24 hours, according to CoinMarketCap figures cited Tuesday. Separately, the New York Stock Exchange expanded its tokenized stock plans this week. Its proposed service remains separate from AAPLB and has no announced launch date.
Goldman Sachs analyst Michael Ng cut his Apple target from $390 to $380 but kept a Buy rating. Morgan Stanley’s Erik Woodring reduced his target from $355 to $350 while maintaining an Overweight rating.
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