Apple reported better-than-expected third-quarter results, led by strong iPhone and Mac sales, but weaker services revenue and rising memory costs unsettled investors. The call was also Tim Cook’s last as chief executive, with John Ternus set to lead future earnings calls as part of Apple’s leadership transition.

Quarterly revenue totalled $109.42 billion, including $54.25 billion from iPhones after sales rose 22%, $10.35 billion from Macs and $30.74 billion from services. Apple attributed some Mac growth to the lower-cost MacBook Neo, but warned that memory costs and supply constraints are likely to worsen; its shares fell about 8% in after-hours trading amid concerns over future pricing and demand.