Apple says most devices will come from India, Vietnam to avoid U.S. tariffs
Global News
Apple's earnings for the first three months of the year topped Wall Street's expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect.
Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Donald Trump’s tariffs on its business.
Apple’s earnings for the first three months of the year topped Wall Street’s expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect on the fiscal second quarter’s results.
Cook added that for the current quarter, assuming things don’t change, Apple expects to see $900 million added to its costs as a result of the tariffs, but Cook said the company remains “confident” in this business.
The Cupertino, California-based company earned $24.78 billion, or $1.65 per share, in the first three months of the year, up 4.8% from $23.64 billion, or $1.53 per share, in the same period a year earlier.
Revenue rose 5.1% to $95.36 billion from $90.75 billion.
Analysts, on average, were expecting earnings of $1.62 per share on revenue of $94.19 billion, according to a poll by FactSet.
The numbers for the January-March period provide a snapshot of how Apple was faring before President Trump’s unveiling of sweeping tariffs in April that rattled the financial markets amid fears a trade war would reignite inflation and shove the U.S. economy into a recession.
“While it is likely that some of the sales growth was driven by consumers accelerating purchases ahead of expected tariff increases, margins remained healthy on the other side of the balance sheet,” said Thomas Monteiro, an analyst at Investing.com.
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