India, May 2 -- Shares of apple inc. were down around 4 percent in the after-hours trading on Thursday after the tech major said it sees $900 million hit from tariffs in the third quarter, as it shifts U.S. iPhone supply to India from China. This was despite reporting higher profit in its second quarter, above market estimates, with strong growth in revenues. The company also announced higher dividend and $100 billion share buyback.
Looking ahead, for the third quarter, Apple expects revenue growth in the low to mid-single digits, with a gross margin between 45.5% and 46.5%.
In the earnings call with investors, Apple CEO Tim Cook said that the company expects US tariffs to cost $900 million in the current quarter, even though its impact w...