Apple shares dropped this week after CEO Tim Cook delivered his final earnings report as head of the company. The June quarter numbers were record-breaking — revenue hit $109.4 billion and earnings came in at $2.02 per share — but investors still sold off the stock.
Cook's last call
This was Cook's final earnings report as Apple's CEO. The company did not provide details on his successor or the exact timing of the leadership change. The report caps a tenure that saw Apple become the world's most valuable company.
Record numbers, muted reaction
Apple's June quarter revenue of $109.4 billion is a record for that period. Earnings per share of $2.02 also topped expectations. Despite the strong results, the stock fell after the release. The decline erased some of the gains Apple had made earlier this year.
What comes next
Apple now faces a leadership transition. The board is expected to name a new CEO in the coming weeks. Investors will be watching closely to see how the company performs under new management. The next earnings call will be the first without Cook at the helm.
