Apple (AAPL) beat estimates by 30% and the stock is down. That should tell you something.  How stretched does this market have to be that a company that sold $81.4Bn worth of product in Q2 and made $20Bn in 3 months LOSES share price on a 30% beat?  Revenue from iPhone sales came in at $39.6Bn, up nearly 50%, and well ahead of the Street consensus forecast of $34.2 billion as well and, more importantly, less than 1/2 the company's total revenues – it's what investors always wanted! In fact, the company exceeded estimates in every product category. Mac revenues were $8.2Bn, up 16%, while iPad revenues were 12% higher at $7.4Bn. Revenue from wearables, home, and accessories was $8.8Bn, up 36%. Services revenue was $17.5Bn, up 33%. The company said it finished the quarter with more than 700M paid subscribers across its services portfolio, up more than 150M from a year ago.  Revenues in the Americas were $35.9Bn, up 33%, while Europe came in at $18.9Bn, up 34%, and Greater China revenue was $14.8Bn, up 58%.  Revenues in Japan were $5.5Bn, up 30%, and the rest of Asia was $5.4Bn, up 28%. CFO Luca Maestri said in a statement that the company set revenue records in each geographic region, with double-digit growth in each product category. He said the company returned nearly $29 billion to shareholders in the quarter in dividends and stock buybacks.  He also said (and this is why they are selling off) that the company sees strong double-digit revenue growth in the September quarter, but at a smaller level than in June, for three reasons. One – Foreign exchange issues will be 3 percentage points less favorable. Two – Services growth will be lower, after the June quarter benefited from an easy comparison in the year ago quarter, when advertising and Apple Care revenues were impacted by the pandemic. Three, he said that supply constraints will be higher than they were in the June quarter, with a particular impact on iPhone and iPad sales.   IN PROGRESS