Apple Inc. CEO Tim Cook announced that planned US tariffs on foreign imports are projected to add $900 million in costs for the company in the current fiscal period, Bloomberg reports.
Cook made the statement during a conference call with analysts following the release of Apple’s quarterly financial results on Thursday.
“We estimate the impact to add $900 million to our costs,” Cook stated. He cautioned, however, that this figure should not be extrapolated for future projections due to “certain unique factors that benefit the June quarter.”
The announcement comes as Apple reported weaker-than-expected sales in China for the fiscal second quarter, which ended on March 29. Revenue from the Greater China region fell by 2.3% to $16 billion, falling short of analyst expectations of $16.83 billion. The company released its financial statement on Thursday.
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