Apple posted its best June quarter ever — but its stock fell on a services miss

Despite beating top-line estimates, Apple's services revenue came in at $30.74 billion, below analyst expectations of $31.22 billion, according to CNBC.

The stock fell roughly 3% to 4% in extended trading. Heading into Thursday, the stock had gained about 23% on the year.

iPhone revenue of $54.25 billion exceeded estimates of $53.86 billion, representing 22% growth year over year. Mac revenue of $10.35 billion topped an $8.74 billion estimate, but iPad revenue of $6.19 billion fell short of the $6.92 billion analysts had projected.

China revenue also disappointed. Sales in Greater China totaled $18.8 billion, well below analyst projections of $19.6 billion, according to Bloomberg.

Gross margin came in at 50.1%, including a roughly 2% boost from tariff refunds, the company said. Earnings per share also included an $0.11 benefit from tariff refunds. Net income rose to $29.79 billion from $23.43 billion in the same quarter a year earlier.

"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," Chief Executive Officer Tim Cook said in a statement.

The quarter is Cook's last as CEO, with the 65-year-old set to hand the role to hardware engineering chief John Ternus on Sept. 1.

Apple is grappling with a worldwide scarcity of memory chips and processors, a crunch that has pushed the company to increase prices on Macs and iPads. Customers have faced lengthening delivery delays on hardware such as the Mac mini and Mac Studio as a result.

Apple also recently reclaimed its position as the world's most valuable company, overtaking Nvidia $NVDA with a market capitalization of nearly $5 trillion.