In his final earnings call as CEO, Cook said he has never been more optimistic about the opportunities ahead for Apple. But Cook's confidence in the future stood in contrast to the picture that he and other executives painted of current business conditions. "We're seeing some very significant constraints currently, with limited flexibility in the supply chain," Cook said. Total revenue in the current quarter will grow between 9% and 10% year over year, which was below the 12% rate expected by analysts. Gross profit margins, which came in at 48% of revenue (excluding the benefit of tariff refunds) in the most recent quarter, will come under pressure in the current quarter, Apple said.