Apple reported strong third-quarter growth in iPhone and Mac sales despite a global RAM shortage affecting device makers. The results underline continued demand for Apple hardware ahead of its usual autumn product launches, although component constraints and higher prices may put pressure on future sales.

iPhone revenue rose 22 per cent year-on-year to $54.25 billion, while Mac revenue increased 29 per cent to $10.35 billion, helping total revenue reach $109.4 billion. Apple raised prices for several non-iPhone products in June, including the MacBook Neo from $599 to $699; analysts expect the forthcoming iPhone 18 could rise by as much as $200. Tim Cook will leave as chief executive on 1 September, when hardware engineering vice-president John Ternus is due to succeed him.