Apple reports third-quarter earnings after the bell

• The June quarter is typically Apple's slowest of the year by sales, ahead of new device launches in September.
• There are lots of questions swirling around Apple, whose stock is down 16% so far in 2025.

Apple reports fiscal third-quarter earnings on Thursday after the bell.

The June quarter is typically Apple's slowest of the year by sales, ahead of new device launches in September that typically spur the company's biggest sales surge of the year driven in the December quarter.

Still, Apple is expected to report nearly $90 billion in overall sales during the period, which would be a 4% increase from last year. Analysts expect it to guide for 3% growth in the September quarter.

But there are lots of questions swirling around Apple, whose stock is down 16% so far in 2025.

The biggest question facing Apple is what it will say about tariffs. In May, Apple said it would have about $900 million in additional tariff costs in the June quarter, but that it couldn't predict beyond that. Apple will likely update investors on how it sees tariffs affecting the September quarter, a key indicator for how President Donald Trump's trade war is affecting American technology companies.

Apple also said in May that it would manufacture U.S.-bound iPhones in India to avoid tariffs on Chinese imports. But the company's move upset Trump, who said after Apple's last earnings call that he didn't want the iPhone maker building in India. India is in line to receive a 25% tariff as soon as Friday. Apple CEO Tim Cook may update investors on its India pivot on Thursday.

The company held its annual Worldwide Developers Conference in June, in which it announced major updates to its software for iPhones and other devices. Apple did not, however, announce major new artificial intelligence products or initiatives, disappointing some analysts. However, some investors believe Apple's AI stumbles aren't expected to show up in its results for years.

On the brighter side, Cook will likely shout out the movie “F1,” which is Apple Original Films' first summer blockbuster and passed $500 million at the global box office last weekend.

Here's how Apple is expected to do in the June quarter, per LSEG consensus estimates:

• Earnings per share: $1.43
• Revenue:$89.54 billion

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