Shares slip after revenue outlook misses Wall Street expectations
Apple’s AAPL.O shares slip 7.2% to $309.29 premarket
The company forecast September-quarter revenue growth of 9%-11%, below Wall Street's 12% target, per LSEG data, with CEO Tim Cook citing "very significant" supply constraints
The weak forecast overshadows results for the June-quarter that beat market expectations, driven by strong iPhone and Mac sales
At current levels, the company is on track to shed roughly $361.6 billion in market value
The stock recently traded at 35 times expected earnings, versus its five-year average of 28, per LSEG data, suggesting shares may be overvalued
AAPL shares have jumped about 22% year to date, outperforming the Nasdaq's .IXIC roughly 8% rise
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