Apple reported its best June quarter ever, with revenue rising 16% year over year to $109.4 billion, in what was Tim Cook's final quarter as CEO before John Ternus takes over on September 1. Earnings per share climbed 29% to $2.02, net income rose 27% to $29.8 billion, and iPhone revenue jumped 22% to $54.3 billion, while Mac revenue grew 29%. Services revenue, the slowest of the three main categories, increased about 12% to $30.7 billion, marking a June-quarter record and the 12th straight quarter of double-digit growth. Gross margin expanded to 50.1% from 46.5% a year earlier, though the company guided September-quarter gross margin down to 47% to 48%, citing supply constraints and rising memory costs. Despite the record results, shares fell as much as 8% in after-hours trading, with the stock having entered the report near a record high and trading at about 40 times earnings.
Apple Inc.Record revenue and EPS beat, though guidance and valuation concerns weigh.
