Apple CEO highlights tariff costs as company breaks revenue records globally
During the Q3 FY2025 earnings, Cook spoke of opening new stores in India and the UAE later this year.
He said the company saw iPhone growth in every geographic segment and double-digit growth in emerging markets, including India, the Middle East, South Asia, and Brazil.
"We saw an acceleration of growth around the world in the vast majority of markets we track, including greater China and many emerging markets, and we had June quarter revenue records in more than two dozen countries and regions, including the US, Canada, Latin America, Western Europe, the Middle East, India, and South Asia," Cook said, adding these results were driven by double-digit growth across iPhone, Mac, and services.
The situation around tariffs is "evolving", he said, adding that for the June quarter, the company incurred about USD 800 million of tariff-related costs.
"For the September quarter, assuming 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 about USD 1.1 billion to our costs. This estimate should not be used to make projections for future quarters, as there are many factors that could change, including tariff rates," he said.
He mentioned the recently-launched Apple Store online in Saudi Arabia, and said, "We couldn't be more excited to open new stores in the UAE and India later this year".
For the June quarter, the tech titan reported revenue of USD 94.04 billion, the 10 per cent year-on-year growth topping Wall Street expectations, while net profit came in at USD 23.42 billion, up 9.2 per cent from a year ago.
Meanwhile, the US has announced a 25 per cent tariff on India as the White House released a list of duties that Washington will levy on exports from nations across the globe. In an Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', President Donald Trump announced tariff rates for nearly 70 nations around the world.
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