Tim Cook's Last Quarter as CEO Was Apple's Best June Quarter Ever. The Stock Fell Anyway.

Apple reported $109.4 billion in revenue for its June quarter, up 16% year-over-year and marking the best June performance in company history under outgoing CEO Tim Cook. iPhone and Mac divisions posted strong earnings growth. Despite the beat, AAPL shares dropped as much as 8% in after-hours trading.

The selloff centered on growth deceleration in Services, which expanded 12% compared to stronger hardware gains, and forward-looking headwinds. Management flagged upcoming supply constraints and rising memory costs that threaten margin compression. The stock trades at a 40x earnings multiple, leaving little room for execution risk as John Ternus prepares to take over as CEO on September 1.

The leadership transition adds uncertainty at a critical juncture. Cook's final quarter delivered record top-line results, but investor focus has shifted to whether Ternus can navigate supply-chain pressures and maintain Services momentum while the stock carries its richest valuation in years.