Apple: Tariffs will add $900 million to costs

Apple expects tariffs to add about $900 million to its costs in the quarter ending in June if conditions do not change.

Apple shares fell 2.8% after the company announced its quarterly results. Although the results were better than analysts’ expectations, investors are focused on how tariff concerns will impact the next quarter, according to Reuters.

Apple CEO Tim Cook said during a conference call that the company saw “limited” impact from tariffs during the second fiscal quarter as it made changes to its supply chain and moved its inventory.