Tim Cook Ends CEO Tenure With Optimism Despite Apple's Supply Challenges

In his final earnings call as Apple chief executive, Tim Cook said he has never been more optimistic about the company's long-term prospects, even as he acknowledged significant near-term supply constraints, Alexei Oreskovic reported for Fortune Tech.

Apple CEO Tim Cook spoke in his final earnings call before handing leadership to John Ternus. [Photo: Apple]

"We're seeing some very significant constraints currently, with limited flexibility in the supply chain," Cook said.

Cook, who has led Apple for 15 years, is set to hand over the chief executive role to John Ternus in September.

"There's a quarter where we're going to be scrambling on the supply side," he added, referring to difficulties in securing the advanced processors needed for Apple's iPhones and Mac computers.

The supply constraints are expected to weigh on revenue growth.

Apple said iPhone sales, which account for roughly half of its revenue, are expected to grow at a mid-teens percentage rate in the current quarter, slowing from the 22-percent growth recorded in the previous quarter.

The company also forecast overall quarterly revenue growth of 9 percent to 10 percent year over year, below analysts' expectations of 12 percent.

Apple shares fell as much as 8 percent following the earnings announcement.