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Apple Services Revenue Rises 11.6% but Comes in Just Shy of Estimates, Tech Giant Posts $24.8 Billion Profit
Apple's services revenue continued to rise in the first three months of 2025, as investors awaited word on how Trump's tariffs might hurt its business.
In Apple’s initial earnings report, there was no indication of how the company expects to be affected by Trump’s global tariffs, including the whopping 145% levy on China imports. Apple chief Tim Cook successfully lobbied the White House for an exemption from the China tariffs on smartphones and other electronics, per the New York Times. But the Trump administration subsequently announced plans for new tariffs on semiconductor chips, which could increase the prices of iPhones, Macs, iPads and other Apple products.
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