Apple shares drop 7.3% as supply snags cloud outlook

Apple shares fell 7.3% in premarket trading after the company warned that supply constraints would hurt growth, putting investor focus on iPhone demand and an expected price hike. iPhone sales rose 21.7% to $54.25 billion in the June quarter, beating estimates, but the company's revenue forecast of 9-11% growth for the current quarter lagged Wall Street expectations of about 12%. CEO Tim Cook's departure was also announced.