Apple Hits Record Revenue in Cook's Final Quarter

Apple's fiscal third-quarter revenue reached a June-quarter record of $109.4 billion, a 16% year-over-year increase. This is Tim Cook's last quarter as CEO before he hands over the reins to John Ternus on September 1.

Earnings per share rose 29% year over year to $2.02, and net income climbed 27% to $29.8 billion. iPhone revenue jumped 22% to $54.3 billion, while Mac revenue grew even faster at 29%. The company's gross margin expanded to 50.1%, up from 46.5% a year earlier.

However, the stock fell as much as 8% in after-hours trading due to concerns over supply constraints and rising supply costs. Apple expects to pay higher memory costs in the September quarter than it did previously, with memory prices increasing across the industry.