Even after the Samsung Galaxy Note 7 meltdown, iPhone 7 sales still aren’t exploding.

That’s the worry on Wall Street after Apple reported its third straight quarter of declining iPhone sales — while it gave a holiday forecast that was only marginally higher than a year ago.

For the current quarter, Apple forecast revenue of $76 billion to $78 billion — which would be a gain on the prior year. Analysts were only looking for sales of $74.65 billion.

Apple shares fell 2.8 percent to $114.91 in after-hours trading Tuesday.

The disappointing holiday iPhone sales outlook is not depressed because of demand, but because of supply, Apple said.

“The most important element of this is the fact that we are supply-constrained on the 7 and 7 plus,” Chief Financial Officer Luca Maestra told analysts on a Tuesday conference call.

As it scrambles to keep up with iPhone demand, Apple said it faces difficult comparisons with last year when the tech giant reaped a $548 million windfall from a patent-infringement suit.

Likewise, Apple’s revenue and gross margin is getting squeezed by a strong dollar, which Maestri warned could become “the new normal” after rising 15 percent versus last year in countries overseas where Apple sells.

“We are selling everything that we can produce,” Maestri added. “We feel very confident about the trajectory of the company and for the iPhone.”

Apple sold 45.5 million iPhones in the three months ended Sept. 24, beating Wall Street’s estimate of 44.8 million, according to FactSet.

Revenue fell 9 percent to $46.85 billion, just missing Wall Street’s target, according to Thomson Reuters.

Another sore point was the Greater China region, where revenue tumbled nearly 30 percent after falling by a third in the previous three months.

Asked about the drops in China, Apple Chief Executive Tim Cook admitted that the iPhone over the past year “returned to more normal upgrade rate” after a year-earlier frenzy had sent iPhone sales there surging 84 percent.

“We didn’t forecast that accurately,” Cook said, and iPhone sales in China dropped 17 percent during the fiscal year just ended as Apple scrambled to unload piles of unsold iPhones in the region.

Apple said its quarterly net income fell to $9.01 billion, or $1.67 per share, from $11.12 billion, or $1.96. That beat the estimate of $1.66.

The Cupertino, Calif., company ended the quarter with $237 billion in cash on its balance sheet after it returned $9 billion to shareholders during the period, including $3.1 billion in dividends.