Apple shares plunged more than 7% after soaring memory prices and supply constraints overshadowed the company’s June quarter on record. Apple has already raised prices on some Mac and iPad models in response to higher component costs, with Cook saying the company had done so “reluctantly”. The warnings came despite Apple reporting revenue of US$109.4 billion, up 16% year-on-year, and diluted earnings of US$2.02 per share, an increase of 29%. iPhone revenue jumped 21.7% to a June-quarter record of US$54.25 billion, while Mac sales surged 28.7% to US$10.35 billion. The results marked Cook’s final earnings call before John Ternus takes over as Apple chief executive on September 1.