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Apple hit by chip shortage

Buy the hype, sell the news. Apple earnings came in as expected. Investors don’t seem that impressed by Apple’s June quarter. Some yawned with the stock sliding slightly after the report’s release. It's all priced in.

Apple announced a massive earnings beat for the three months due to a nearly 50% year-over-year jump in iPhone sales to $39.6 billion. Apple posted total quarterly revenue increased 36% and nearly $8 billion above expectations. Great, so sell the news.

Apple says global chip shortage reaches iPhone, growth forecast slows.

Apple warned on its earnings call that growth in the September quarter would not be as strong as previously.

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