SAN FRANCISCO, Aug 1 — Apple forecast revenue for the current quarter ending in September well above Wall Street’s estimates yesterday, sending shares up despite a warning from CEO Tim Cook that US tariffs would add US$1.1 billion (RM4.7 billion) in costs over the period.
As the centerpiece of US President Donald Trump's trade war, those tariffs cost Apple US$800 million (RM3.4 billion) in the June quarter and spurred some customers to buy iPhones in late spring this year. Those purchases helped Apple's fiscal third-quarter sales beat expectations by the biggest percentage in at least four years, according to the London Stock Exhange Group (LSEG).
The company still forecast growth, though, with chief financial officer Kevan Parekh saying the company expects revenue growth for the current quarter in the "mid to high single digits," which would exceed the 3.27 per cent growth to US$98.04 billion (RM421 billion) that analysts expected, according to LSEG data.
Apple reported US$94.04 billion (RM404 billion) in revenue for its fiscal third quarter ended on June 28, up nearly 10 per cent from a year earlier and beating analyst expectations of US$89.54 billion.
Apple shares were up 3 per cent in after-hours trading, extending gains after Apple provided its forecast.
Apple has been shifting production of products bound for the US, sourcing iPhones from India and other products such as Macs and Apple Watches from Vietnam.
The ultimate tariff rates many Apple products could face remain in flux, and many of its products are currently exempt. Sales in its Americas segment, which includes the US and could face tariff impacts, rose 9.3 per cent.
In Greater China, where Apple has faced long delays in approval to introduce AI features on its devices, sales were US$15.37 billion (RM66 billion), up from a year ago and above expectations of US$15.12 billion, according to a survey of five analysts from data firm Visible Alpha.
