Apple and the technology industry generally have been scrambling to meet demand ‌for new products, especially those with high-end processors and memory, and executives described the weaker forecast in terms of supply, not demand. "We're seeing some very significant (supply) constraints currently with limited flexibility in ‌the supply chain to remedy it," Chief Executive Tim Cook said during the call, adding that Apple was "evaluating all options" for alternative suppliers of memory chips. Chief Financial Officer Kevan Parekh told analysts on a call that Apple expects revenue growth of 9% to 11% ​in the quarter compared with a year earlier. He forecast iPhone revenue would grow at a mid-teens rate, compared with Wall Street's target of 17.6%, and that gross profit margins would be between 47% and 48%. Apple said sales for its fiscal third quarter ended June 27 rose 16.4% to $109.42 billion, compared with analyst estimates of a 15.5% rise, according to LSEG data.