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Apple Forecast to Report 4% Growth as Tariffs Weigh on Margins

Analysts caution that the slow Apple Intelligence rollout is unlikely to drive upgrades over the next two quarters.

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View of an Apple logo at an Apple store in Paris, France, April 23, 2025. REUTERS/Abdul Saboor/File Photo
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Overview

  • Analysts project Apple will report roughly 4% year-over-year revenue growth for Q3 FY25, driven by stable iPhone sales and double-digit services expansion.
  • CEO Tim Cook cautioned that U.S.-China tariffs will cost the company about $900 million this quarter, prompting further supply-chain moves to India.
  • Major brokerages including TD Cowen and Bank of America Securities have reiterated Buy ratings on Apple shares with price targets ranging from $235 to $275.
  • Forecasts indicate Apple Intelligence will not spark significant iPhone upgrades over the next two quarters and must prove its value by the end of 2026.
  • Investors are looking ahead to new product cycles, from a slimmer “Air” iPhone expected this fall to a potentially foldable iPhone launch in September 2026.