Apple forecast revenue for the current quarter ending in September well above Wall Street’s estimates on Thursday, sending shares up despite a warning from CEO Tim Cook that US tariffs would add $1.1 billion in costs over the period.
As the centerpiece of US President Donald Trump’s trade war, those tariffs cost Apple $800 million 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 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 percent growth to $98.04 billion that analysts expected, according to LSEG data.
Apple reported $94.04 billion in revenue for its fiscal third quarter ended on June 28, up nearly…
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