Early Thoughts on Tariff Impact on Apple’s Financials, Apple Valuation Update

Hello everyone.

Apple reports earnings on May 1st. We will go over my detailed earnings expectations early next week.

To tie up a few loose ends that are still outstanding on the tariff front, there is value in going over my early thoughts on how tariffs will impact Apple’s financials over the next few quarters.

After what seemed to be a good two to three years of noisy Apple quarters coming out of the pandemic, there were expectations that the second half of 2024 and 2025 would provide a cleaner look at Apple’s underlying business fundamentals. Given the various moving pieces related to tariffs, Apple’s FY2025 may turn out to be a noisy year from a financials perspective.

Let’s jump in for more discussion.

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