Apple raised the prices of its Macs and iPads last month, citing a memory-chip shortage brought on by the artificial intelligence boom. The company had called the demand spike an “unprecedented challenge” for the consumer electronics industry. While it hasn’t yet raised iPhone prices, analysts and consumers expect that to happen later this year.

The maker of the iPhone and iPad said Thursday it earned $29.79 billion, or $2.02 per share, in the April-June period. That is up 27% from $23.43 billion, or $1.57 per share, in the same period a year earlier.

Revenue grew 16% to $$109.42 billion from $94.04 billion.

Analysts, on average, were expecting earnings of $1.89 per share on revenue of $109 billion, according to a poll by FactSet. Tariff refunds of 11 cents per share contributed to the quarter’s earnings.

“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,” said Tim Cook, Apple’s CEO. It was Cook’s final earnings call. He announced his retirement in April, after 15 years at the helm of the company. John Ternus, Apple’s head of hardware engineering, will assume the role on Sept. 1.

“I couldn’t be more confident in his leadership, in the executive team and the extraordinary people at Apple,” Cook said.

Apple continues to generate cash without the massive artificial intelligence spending that its Big Tech peers area are dealing with “and that showed across most parts of the operation,” said Thomas Monteiro, an analyst at Investing.com. “As the market grows more worried about free cash flow trajectories elsewhere in Big Tech, Apple keeps standing out as the safe haven in the storm.”

But he cautioned that memory costs — which are continuing to increase — could challenge Apple in the coming quarters. It also won’t have the tariff benefit to boost profit margins again. September’s iPhone launch and more price increases should “help cushion the hit,” Monteiro said.

Shares of Cupertino, California-based Apple, which recently regained its title as the world’s most valuable company from Nvidia, fell $7.52, or 2.3%, to $325.91 in after-hours trading.