Apple stock sinks as global memory crisis hurts profits, giving Ternus his first big test
Image: CNBC
John Ternus' first earnings report as Apple CEO was going fine until it was time to issue a forecast for the company's gross margin, one of the key metrics followed by investors.
Apple reported better-than-expected earnings and revenue on Monday, including in the company's core iPhone unit, and even projected sales in the current period that topped estimates. But just before Ternus opened the earnings call up to analysts' questions, CFO Kevan Parekh came forward with the first real piece of bad news.
Parekh said that for the December quarter, which goes through the holiday season, Apple's gross margin will be between 45% and 46%, trailing the 46.3% average analyst estimate, according to LSEG.
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