Chip crunch clouds Apple forecast as Tim Cook bids farewell as CEO after 15 years

After spending 15 years at the helm of Apple and transforming it into a company valued at 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,” Cook said in a call with investors after Apple reported quarterly financial results. “We have a bright future ahead, and I truly have never been more optimistic.”

Cook, 65, is handing over leadership at a time when Apple’s financial performance remains robust, though challenges persist. The company posted June-quarter revenue of $109.42 billion, up 16 per cent from a year earlier and its highest ever for a June quarter. Net profit climbed 27 per cent to $29.8 billion.