Apple revenue hits $95B as customers snatch up iPhones on tariff fears

Apple on Thursday reported results that narrowly beat Wall Street expectations as consumers stocked up on iPhones amid fears of potential import taxes on its signature device from President Trump.The Cupertino, California-based company said its sales and profit for the fiscal second quarter ended March 29 were $95.36 billion and $1.65 per share, respectively, compared with analyst estimates of $94.68 billion and $1.63 per share, according to LSEG data.Sales of iPhones were $46.84 billion, compared with estimates of $46.17 billion, according to LSEG data.Apple shares were down 1.5% in after-hours trading after the results were released.While the results were better than analysts had expected, investors are focused on how tariff concerns will play out in the coming quarter.The Trump administration has so far spared electronics from tariffs, but Washington has signaled that some levies could come in the weeks ahead.

The uncertainty has sent shares of Apple, which makes 90% of its products in China, down about 15% this year, wiping off more than $600 billion from its market value.Microsoft’s upbeat forecast took its market capitalization to $3.2 trillion, beating Apple to clinch the top spot.Apple will try to mitigate tariffs by shifting production of US-bound iPhones to India, Reuters has reported.Analysts expect the company to spread some of the tariff costs through its supply chain, while keeping price increases to a minimum to avoid losing market share at a time when it faces fierce competition and has experienced delays in rolling out key artificial-intelligence features such as improvements to its Siri voice assistant.Apple CEO Tim Cook told Reuters on Thursday that iPhone inventory levels at the beginning and end of the fiscal second quarter were comparable, meaning there was no large inventory buildup over the period.

Cook said handset sales were boosted by the iPhone 16e, the company’s $599 mid-market model that contains its first-ever custom...