Apple CEO Tim Cook greets former President Barack Obama at the inauguration of U.S. President Donald Trump at the U.S. Capitol Rotunda in Washington, D.C., on Jan. 20, 2025.
Julia Demaree Nikhinson | Getty Images
Apple reports fiscal second-quarter earnings Thursday after the bell.
Wall Street is eager to hear from Apple for the first time about how it is planning to deal with the Trump administration’s tariffs. Investors will also want to know what impacts tariffs might have on the company’s sales, earnings and product prices.
Neither Apple nor CEO Tim Cook have yet to publicly comment on the hefty tariffs President Donald Trump announced for every country around the world on April 2 or the revised plans to place tariffs of up to 145% on imports from China.
Apple makes about three-quarters of its revenue from physical products such as iPhones, Macs and iPads that are mostly made in China, and the U.S. is its largest market.
Analysts at TD Cowen have estimated that the current tariffs could cost Apple 6% of its earnings per year.
Investors will also look to see what Apple says about the current quarter. While Apple hasn’t given formal guidance since 2020, it typically provides investors with several comparisons and data points that can be used to back into a forecast.
But the plans around Trump’s tariffs have already changed several times, and several other companies have stopped giving guidance, citing macroeconomic uncertainty.
Analysts polled by LSEG are expecting Apple to signal that it expects $89 billion in sales in the June quarter, or about a 4% increase on an annual basis.
Tariffs might have one silver lining for Apple — customers in the U.S. and retailers may have stocked up on iPhones and other products to beat the tariffs, which could elevate the March quarter’s revenue. Wall Street is expecting $94.60 billion in revenue, which would be a 4.2% increase on an annual basis, according to LSEG.
Apple’s sales in China will also be under a microscope. Some investors have worried in recent years that Chinese nationalism was reducing the appeal of the American-designed iPhone in the country, and the current trade war threatens to kick up the economic rivalry even more.
Analysts will likely ask Cook and finance chief Kevan Parekh on Thursday about the company’s outlook for mainland China. Wall Street is looking for $17 billion in sales, according to FactSet, which would be 3.6% growth on an annual basis.
Here’s what Wall Street expects, according to LSEG:
- Earnings per share: $1.63
- Revenue: $94.60 billion
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