Apple’s Profit Increases 27 Percent, Topping Wall Street Expectations

After 15 years leading Apple to become a moneymaking behemoth worth nearly $5 trillion, Tim Cook bid adieu to Wall Street on Thursday.

“I just wanted to take a moment to say thank you to all of you,” Mr. Cook said in a call with analysts and investors after Apple reported quarterly financial results. “We have a bright future ahead, and I truly have never been more optimistic.”

Mr. Cook, 65, is passing the baton while Apple is at a financial high — with some caveats. The company on Thursday reported that revenue grew 16 percent from a year earlier to $109.42 billion, the most for a quarter ending in June. Profit rose 27 percent to $29.8 billion.

But Apple’s projected revenue for the current quarter fell short of analyst expectations. The company said revenue would grow between 9 and 11 percent from a year earlier, while analysts expected about 12 percent. Mr. Cook said that was because the company had a “supply constraint” in a process used for producing its chips. Apple also expects currency exchange rates to be worse from the previous quarter.

The company’s share price fell as much as 8 percent in after-hours trading on Thursday.

These results are the last Apple will report with Mr. Cook as chief executive. He will step down and become the company’s executive chairman in September. He will be succeeded by John Ternus, 51, who most recently was Apple’s head of hardware engineering. Mr. Cook said that the transition was “going seamlessly,” and Mr. Ternus said the company was “very excited” about artificial intelligence.

“There is so much opportunity for us with everything that’s happening in this space,” Mr. Ternus said during the call. “We’re just really focused on our plans.”