Apple faces high tariff costs in the quarter, which is expected to reach $1.1 billion.
The company’s CEO Tim Cook shared the forecast based on current interest rates and policies and shared the forecast with investors on Thursday’s revenue call. Hiking is coming amid the ongoing trade war between China and the U.S. government.
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In the June quarter, tariffs lost $800 million, which was actually lower than initially expected. “Most of the tariffs we pay are ieepa [International Emergency Economic Powers Act] Cook said, Cook said.
Mixable light speed
The CEO continued: “There are many factors that may change, including tariff rates.”
In the past, President Donald Trump has particularly threatened iPhone tariffs by Tim Cook and Apple and Apple, part of his pressure campaign to produce iPhones to the United States. Experts say this is extremely unlikely because the United States lacks the infrastructure to make flagship smartphones.
During Thursday’s earnings call, Cook also shared that the company set a “June quarterly revenue record” with growth in its iPhone and Mac products and services divisions. He said the results were “better than expected.”
As Mashable reported on Friday, despite economic uncertainty, negative July job reports and threats from tariffs, threats from technology companies such as Apple, Meta and Reddit are still reporting this quarter.
