The iPhone-maker, which has been hit particularly hard by President Trump’s tariff push, still reported strong quarterly earnings, posting $94 billion in revenue and $23.4 billion in net income for the stretch between April and June.
Apple sold $44.5 billion worth of iPhones last quarter, up 13 percent from the same three-month period last year, at least part of which the company attributed to consumers trying to get ahead of tariffs.
“We would estimate the pull-forward of demand into April specifically to be about one point of the 10 points in terms of people buying because of discussions about tariffs,” Apple CEO Tim Cook said Thursday, referencing the 10 percent uptick in sales last quarter.
The company has found itself in a tricky position on tariffs in Trump’s second term.
It has long manufactured most of its products in China but has increasingly sought to diversify its supply chain by moving some production to India and Vietnam.
This has been less than beneficial given the president’s wide-ranging approach to tariffs this time around. Trump initially hit all three countries with hefty “reciprocal” tariffs before putting most on pause.
Tariffs on Chinese goods remained in place, as Washington and Beijing went tit for tat on import taxes, raising levies on one another to 145 percent and 125 percent, respectively.
The two sides eventually struck an agreement to lower their tariffs to 30 percent and 10 percent, a truce they agreed to extend Tuesday for an additional 90 days.
In the meantime, Apple has shifted more production to India, prompting the country to overtake China as the leading exporter of smartphones to the U.S. last quarter.
Check out the full report at TheHill.com.
