00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Apple shares fell about 4% in pre-market trading Tuesday
00:06after the company warned that rising memory costs would pressure profit margins, according to Reuters.
00:12New CEO John Ternus described the memory pricing environment as unprecedented
00:17and expects costs to continue climbing beyond December.
00:21Apple reported a gross margin of 47.9% for the September quarter
00:26and forecasts a decline to between 45% and 46% for the December quarter.
00:32The outlook also reflects spending on its AI-powered Siri.
00:36Meanwhile, Apple reported record September quarter iPhone revenue of $57.58 billion,
00:43beating Wall Street expectations.
00:45The company could lose more than $170 billion in market value if Tuesday's pre-market losses hold.
00:52For all things money, visit Benzinga.com.
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