Apple on Thursday reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting its supply chain.
Apple expects US tariffs to cost $900 million in the current quarter, even though their impact was 鈥榣imited鈥� at the start of this year, chief executive Tim Cook said on an earnings call.
Cook said he expected 鈥榓 majority of iPhones sold in the US will have India as their country of origin,鈥� adding that Apple鈥檚 products were exempt from Trump鈥檚 most severe reciprocal tariffs for now.
鈥榃e are not able to precisely estimate the impact of tariffs, as we are uncertain of potential future actions prior to the end of the quarter,鈥� Cook said.
鈥楢ssuming the current global tariff rates, policies and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add $900 million to our costs.鈥�
