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Earnings

Apple slides about 4% premarket as memory costs weigh on holiday-quarter margin outlook

Fiscal fourth-quarter results topped estimates, but a 45% to 46% gross margin forecast and a soft iPad quarter set the tone before the bell.

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Apple shares were down 3.94% at $324.98 as of 8:09 a.m. ET Tuesday in premarket trading, a drop of $13.34 from Monday's regular-session price of $338.32. The move came after the company told investors that rising memory-chip prices would pressure gross margin in the December quarter, its biggest of the year.

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The fiscal fourth quarter itself beat expectations. Apple reported revenue of $114.5 billion, up 12% from a year earlier, and earnings of $2.10 per share, which included a 5-cent benefit from tariff refunds. iPhone revenue came in at $57.58 billion against an LSEG estimate of $56.54 billion. iPad revenue of $6.23 billion missed the $6.7 billion estimate.

The outlook is where investors focused. Apple expects December-quarter gross margin of 45% to 46%, down from 47.9% in the September quarter and below the 46.3% average analyst estimate cited by CNBC. Management said the forecast mainly reflects higher memory costs, along with some costs tied to the ramp of its Siri AI features, and that it expects memory pricing to keep rising beyond December. Apple did guide revenue growth of 7% to 10% for the quarter and services growth of 8% to 9%; Reuters noted the services range sits below an analyst expectation of 10.7%.

The premarket drop lands on a busy Tuesday, with U.S. midterm elections underway and chipmaker AMD due to report after the bell. Premarket prices can shift sharply once regular trading opens at 9:30 a.m. ET, so the 8:09 a.m. figure is a snapshot rather than a final read.

Sources

  1. Nasdaq.com quote (AAPL) — AAPL premarket $324.98 (last sale $324.9821), net change -13.34 (-13.3379), -3.94% as of Nov 3, 2026 8:09 AM ET; prior regular-session price $338.32 at 4:00 PM ET Nov 2.
  2. Yahoo Finance (AAPL chart data) — AAPL regular-market price Nov 2, 2026 $338.32; premarket about $324.72 at 8:09 AM ET Nov 3.
  3. Apple Newsroom — Fiscal Q4 2026 revenue $114.5 billion, up 12 percent; gross margin 47.9 percent incl. ~1 point tariff refunds; diluted EPS $2.10, incl. $0.05 (5-cent) tariff-refund benefit.
  4. CNBC — iPhone revenue $57.58 billion vs $56.54 billion estimated (LSEG); iPad $6.23 billion vs $6.7 billion estimated; December-quarter gross margin guide 45% to 46% vs 46.3% average estimate; revenue growth guide 7% to 10%.
  5. Reuters via BusinessDay — Apple expects gross margin of 45%-46% in December quarter, down from 47.9%; services growth forecast 8%-9% vs analyst expectation of 10.7%; memory costs to keep rising into next year.
  6. Motley Fool call transcript — December quarter revenue growth 7% to 10%; services growth 8% to 9%; gross margin 45% to 46% mainly from higher memory costs and Siri AI ramp; memory pricing continuing to increase beyond December quarter.
  7. Yahoo Finance live — Midterm elections Tuesday; AMD reports after the bell; regular trading opens 9:30 a.m. ET.