Apple tops Q1 estimates on iPhone sales; stock falls after Cook's memory warning

 In Apple's earnings call, CEO Tim Cook said that the global memory crunch is going to hit the company's margins going forward. Apple projects margins of between 48% and 49% in Q2. Gross margins in Q1 were 48%.

Apple stock edged lower early Friday, retracing an initial slight gain soon after the earnings release.

The AI data center buildout has put a massive strain on the market for memory chips, which could impact the price of smartphones, laptops, and any other consumer or enterprise devices, unless manufacturers decided to swallow the cost.

https://finance.yahoo.com/news/apple-tops-q1-earnings-estimates-on-record-breaking-iphone-sales-stock-falls-after-cooks-memory-warning-213019588.html