Apple (NASDAQ: AAPL) closed the Tim Cook era with its best June quarter ever, with revenue rising 16% year over year to $109.4 billion. Earnings per share rose 29% year over year to $2.02, net income climbed 27% to $29.8 billion, and iPhone revenue jumped 22% to $54.3 billion. Services, which may have been one reason shares sold off, was the softest of Apple's three biggest revenue categories. Shares came into the report near their record high, up about 65% from their 52-week low, trading at about 40 times earnings. At that valuation, even the best June quarter in Apple's history arguably just confirms what the market already believed: shares were getting ahead of themselves.