The month's sequential drop is largely in line with the historical trend of an 18% drop, the analyst said. The strong year-over-year increase, he said, was due to increasing store traffic compared to limited store opening in 2021, as well as a favorable mix. Inventories remain extremely lean, reflecting the supply disruptions associated with China COVID lockdowns, Vinh said. Regarding the product mix, the analyst noted a modestly improving supply of iPhone Pro/Max models and modestly declining supply of the iPhone 13 and Mini. Related Link: Apple's Future Foldable iPhone Could Carry A Kindle-Like Add-On Screen Rising inflation has had only minimal impact on iPhone demand, the analyst said. Higher-end iPhone SKUs are continuing to outsell lower-end models such as the Mini and SE3, he said. Over the last three years, Apple Hardware sales have fallen about 6% quarter-over-quarter in the June quarter, Vinh said.