Why Apple Fell 4% After a Record Quarter (Nov 3, 2026)

Apple fell about 3.8% at the open on November 3, 2026, after a record $114.5B quarter, because it guided gross margin down to 45-46% on memory costs.

November 3, 2026 · 54 views · YouTube video: Apple Fell 4% at the Open After a Record Quarter

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Quick overview

Apple fell about 3.8% at the open on November 3, 2026, after CEO John Ternus's first earnings report.
Revenue hit a record $114.5B, up 12%, and diluted EPS rose 14% to $2.10.
The problem was the outlook: gross margin guided to 45-46%, down from 47.9%, on rising memory costs.

−3.8% Apple at the open, Nov 3, 2026
$114.5B Record September-quarter revenue
45-46% Margin guidance, down from 47.9%

What happened

Apple fell about 3.8% at the open on Tuesday, November 3, 2026. It was new CEO John Ternus's first earnings report, and by the afternoon the stock was down about 2%. Fiscal Q4 revenue was a September-quarter record of $114.5 billion, up 12%.

Why it matters

Apple guided December-quarter gross margin to 45 to 46%, down from 47.9%. The main reason is rising memory chip costs. Ternus called memory prices unprecedented and expects them to keep rising.

Watch the 30-second short to see how memory chips dented Apple's record.

FAQ

Why did Apple stock fall after its record quarter?

Apple guided gross margin down to 45-46% from 47.9%, mainly because of rising memory chip prices.