During today’s earnings call discussing its Q3 2026 results, Apple said it is bracing for a tougher September quarter, with growing supply pressures affecting its most important products. During the earnings call, Apple offered guidance for the September quarter and was very clear about the challenges ahead, warning of significantly greater supply constraints and continued foreign exchange headwinds. Apple CFO Kevan Parekh said currency fluctuations alone are expected to shave roughly 2.5 percentage points off Apple’s revenue growth next quarter (compared with the June quarter), and added that “the impact from supply constraints [is expected] to increase significantly sequentially.” However, we do expect iPhone revenue to be impacted by these foreign exchange headwinds and supply constraints. Therefore, we expect the September quarter reported growth rate for iPhone to be mid-teens year over year.