Apple posts record June quarter in Tim Cook’s final earnings call as CEO

Apple ↘ 0.80% delivered a resounding farewell quarter for Tim Cook, posting fiscal third-quarter revenue of $109.4 billion and diluted earnings per share of $2.02 — both June quarter records that handily topped Wall Street expectations of roughly $108.65 billion in revenue and $1.89 in EPS. The results, released after the market close on Thursday, July 30, marked Cook's final earnings call as CEO before hardware chief John Ternus assumes the role on September 1.9to5mac+2

Record Results Across the Board

Revenue rose 16% year over year, with iPhone, Mac, and Services all setting new June quarter records. Gross margin came in at 50.1%, well above the company's April guidance of 47.5% to 48.5%, though Apple noted approximately two percentage points of the figure reflected tariff refunds. Excluding that benefit, margins still landed near the top of guidance — a result that addresses investor anxiety over soaring memory chip costs that had dominated the pre-earnings narrative.cnbc+1

"Today, Apple is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment," Cook said in the company's press release. CFO Kevan Parekh highlighted record operating cash flow and an all-time high installed base of active devices across all product categories.marketscreener

Memory Costs and What Comes Next

Heading into the report, the central question was whether Apple could preserve margins as memory prices surged — driven by hyperscaler demand for AI data centers crowding out consumer electronics supply. The beat suggests Apple's scale and supplier leverage remain effective, though analysts at Jefferies had warned that iPhone margins could contract once current pricing holds expire. Apple raised Mac and iPad prices in June to offset component inflation, and investors will parse the conference call for signals on whether iPhone prices will follow with the anticipated iPhone 18 launch in September.trendforce+1

Adding political complexity, a bipartisan group of U.S. senators on July 30 demanded Apple abandon efforts to source memory chips from Chinese manufacturers YMTC and CXMT by August 21, potentially narrowing the company's options for cost relief.tradingkey

Cook's Curtain Call

The earnings call, Cook's 90th and last as CEO, caps a tenure in which Apple shares rose more than 2,400%. The stock had climbed 24% year to date and briefly crossed a $5 trillion market capitalization earlier in the week before profit-taking pulled shares lower on Thursday ahead of the release. Apple's board declared a quarterly dividend of $0.27 per share, payable August 13.investing+3