Apple forecasted fiscal Q4 revenue growth of 9% to 11%, below Wall Street’s estimated 12%, due to severe supply chain constraints affecting Macs, iPhones, and iPads, CEO Tim Cook said on July 30, 2026 [1, 2, 3]. Cook noted the primary cause is shortages of advanced semiconductor manufacturing capacity needed for Apple Silicon chips, limiting product deliveries. He said, "We're seeing some very significant (supply) constraints currently with limited flexibility in the supply chain to remedy it" and described the product cycle as "incredibly strong" but supply chain less flexible than expected [1, 4].
Apple’s fiscal Q3 ended June 27 with revenue rising 16.4% year-on-year to approximately $109.4 billion, beating estimates [1, 2, 3]. Mac sales grew roughly 25% to 29% in the quarter, driven by strong demand for entry-level MacBook Neo and high-end MacBook Pro models despite price increases; sources vary between 25% and 29% growth [1, 2, 4, 3, 5]. iPhone revenue growth is forecast around mid-teens percentage for Q4, below Wall Street's target of 17.6% [1, 3]. Services revenue rose about 12% to $30.7 billion in Q3, slightly below analyst estimates of $31.4 billion [2]. Apple’s sales in China reached about $18.8 billion in Q3, below some estimates near $19.6 billion [2].
Apple disclosed receiving an estimated $1.1 billion tariff refund contributing to roughly a 2% gross margin increase in the past three months. The company plans to reinvest these refunds into domestic U.S. manufacturing and announced plans to invest $600 billion over four years to expand production in the United States. China remains its largest manufacturing base [4, 5]. Apple expects Q4 gross profit margins between 47% and 48% [1, 3].
Apple’s new AI-enhanced Siri assistant is currently in public beta testing and could become a key competitive feature. Apple is negotiating regulatory approval from the EU for a simultaneous launch [4, 5]. Following the Q3 results and supply warnings, Apple shares dropped between 5.5% and over 7% in after-hours trading [1, 2, 4, 5].
Qualcomm reported Q3 revenue of $9.947 billion, down 4% year-on-year, with adjusted earnings per share of $2.21, roughly meeting analyst expectations. It forecast Q4 adjusted EPS between $2.05 and $2.25, below the analyst consensus of $2.36, and revenue between $9.7 billion and $10.5 billion [6, 7, 8, 9]. Qualcomm CEO Cristiano Amon highlighted supply constraints limiting their share of components for next-generation iPhones to significantly below the previously expected 20%, saying simply, "問題在於供應能力" ("The problem lies in supply capacity") [7, 9]. Qualcomm warned that smartphone market weakness and rising costs have pressured margins, as customers shift toward lower-priced or older phone models [7, 8, 9]. Qualcomm stock fell more than 4% in after-hours trading after the earnings release and cautious outlook [7, 8, 9].
Qualcomm expects most chip sales growth by 2027 to come from non-smartphone sectors, especially AI data centers targeting $5 billion in revenue by then, rising to $15 billion by 2029. The company plans to raise product prices starting September 1 to offset rising supply chain costs and aims to launch a first-generation high-bandwidth compute chip integrating compute and memory around mid-2027 [7, 9].
