On July 31, Apple (AAPL.US) fell over 7% in premarket trading to $309.78. In terms of news, Apple's fiscal third-quarter revenue grew approximately 16% year-over-year to $109.42 billion, slightly above analyst expectations. Of that, product revenue was $78.68 billion, higher than the expected $77.25 billion; however, services business revenue, which has been an important source of valuation re-rating in recent years, was $30.74 billion, below the expected $31.36 billion. Additionally, Greater China revenue was $18.82 billion, with year-over-year growth slowing to 22%, also below analysts' expectations of $19.58 billion. On the earnings call, Apple guided fiscal fourth-quarter revenue growth in the range of 9% to 11%, overall below analysts' expectation of 12.1%. The company's CFO Parekh said component supply constraints will affect fourth-quarter iPhone, Mac, and iPad businesses, and foreign exchange fluctuations are also restraining growth.