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Apple's revenue beat expectations despite foreign exchange headwinds and supply constraints, Counterpoint Research said in a research report today, Nov. 4.

Analysts said Apple's revenue grew 8.1 per cent year-over-year to a record $90.1 billion in the September quarter of fiscal year 2022, far exceeding Wall Street expectations and demonstrating Apple's resilience in the face of difficult macro conditions and unfavourable foreign exchange movements. All of Apple's product lines, except for iPad, posted strong revenue growth. Currency fluctuations continued to plague Apple, even into the peak holiday season. Meanwhile, supply shortages related to silicon materials did not have a significant adverse impact on Apple in the third quarter.

iPhone 14 shipments remain constrained by supply shortages, at least for the time being

Despite currency headwinds, Apple's iPhone revenue grew 9.7 per cent year-on-year on the back of a strong performance last year.

Apple's user base hit an all-time high, driven by a record number of users upgrading to new models and double-digit growth in the number of new users switching to iPhone, which IT House has learned indicates a continued shift from Android to iOS.

Another significant milestone to note is the record growth even in the face of currency devaluation in emerging markets (i.e. India, Indonesia, Thailand, Vietnam and Mexico), indicating significant room for growth in these regions.

According to preliminary channel research, a significantly higher proportion of iPhone 14 shipments were for Pro models and higher memory versions, which further increased the average selling price of iPhone.

In the first few weeks after the launch of iPhone 14, sales were limited by supply constraints. Only after the first round of demand has stabilised will it be possible to predict the optimal mix of 'Pro' and 'non-pro' models and the impact of subdued macroeconomic factors.