Apple shares fell around 4% in after hours trading after Tim Cook delivered his final earnings report as CEO, despite the company posting record June quarter revenue and earnings.

Cook is scheduled to step down as chief executive on September 1 after 15 years in the role. Apple hardware chief John Ternus will become CEO, while Cook will transition to executive chairman.

Apple reported quarterly revenue of $109.4 billion, up 16% from $94 billion a year earlier. Net income rose to $29.8 billion from $23.4 billion, while diluted earnings per share increased 29% to $2.02.

The company recorded a gross margin of 50.1%. Tariff refunds added approximately two percentage points to gross margin and increased earnings by $0.11 per share.

iPhone revenue rose nearly 22% to a June quarter record of $54.3 billion. Mac revenue increased 29% to $10.4 billion, while Services revenue climbed 12% to a record $30.7 billion.

iPad revenue declined nearly 6% to $6.2 billion. Revenue from Wearables, Home and Accessories increased about 6% to $7.9 billion.

Apple also recorded growth across every geographic segment. Greater China revenue rose more than 22% to $18.8 billion, while Europe revenue increased to $29.4 billion from $24 billion a year earlier.

The negative stock reaction appeared to reflect weaker than expected Services and iPad results, along with concerns that tariff refunds accounted for part of the earnings increase.

The results marked Apple’s strongest June quarter and gave Cook a record final report before Ternus takes control of the company in September.