Apple is set to reveal the financial toll of recent U.S. tariffs and App Store changes during its Q3 earnings report on July 31, 2025. While many companies have struggled under new trade regulations, investment bank Evercore remains optimistic about Apple’s performance.
The current quarter marks the first full reporting period since the U.S. implemented “reciprocal” tariffs under the Trump administration. These changes were expected to impact Apple’s costs significantly. However, Evercore believes the company’s early planning and supply chain strategies have helped soften the blow.
Apple’s Strategy May Shield It from Major Losses
In a note to investors, Evercore analysts suggest Apple will still show growth. They attribute this to modest recovery in the Chinese market and Apple’s preemptive moves to limit tariff damage. These include diversifying suppliers and adjusting logistics ahead of the quarter.
Additionally, Apple is expected to address how mandated changes to the App Store have affected its revenue. Investors are watching closely to see whether Apple reports any material impact from the adjustments.
Evercore notes that if Apple can show that its App Store revenue remains stable, its share price may rise.
Looking Ahead: iPhone 17 and DOJ Case
Apple’s Q4 outlook will also be under the spotlight. Evercore points out that a key ruling in the Department of Justice’s case against Google is expected in August. If Google is forced to end its $20 billion payment to Apple for being the default iPhone search engine, it could cut into future earnings.
However, analysts believe Apple may already have factored that risk into its financial guidance.
Meanwhile, excitement continues to build around the upcoming iPhone 17 launch, which could help boost revenue in the next quarter.
