09:37 ET - Apple's latest quarter had positives including its progress in China, but it's not out of the woods yet in terms of a few major overhangs, say Melius Research analysts in a research note. The analysts say the long-term tariff hit is still unknown for the iPhone maker. They add that while the tariff hit to the cost of goods sold for June of $900 million is small, the benefit may only be for one quarter, so product margins for September could see a bigger hit quarter over quarter. "Given the prospect of Trump's sectoral tariffs, we think it is prudent to at least double the $900 million hit to COGS for a few quarters beyond June in case the 232 semiconductor tariffs are unfavorable/additive and Apple's efforts to shift its geographic sourcing hit some issues," say the analysts. Shares edge down 3.6% to $205.55 in premarket trading. (denny.jacob@wsj.com; @pennedbyden)
(END) Dow Jones Newswires
May 02, 2025 09:37 ET (13:37 GMT)
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