US Stock Market Move | Performance barely exceeds expectations and tariffs will lead to a cost increase of $900 million for Apple Inc. (AAPL.US), with pre-market trading dropping nearly 3%.

On Friday, Apple Inc. (AAPL.US) fell nearly 3% in pre-market trading, closing at $207.86. On the news front, the company announced its financial report after the market closed on Thursday, with an EPS of $1.65 for the second quarter, slightly higher than analysts' expectations of $1.62; revenue was $95.36 billion, compared to analysts' expectations of $94.59 billion; revenue in Greater China was $16 billion, compared to analysts' expectations of $16.83 billion. Apple Inc.'s board of directors has authorized the repurchase of up to $100 billion of stock and increased dividends. Despite the company's performance slightly exceeding analysts' expectations, Apple stated that tariffs would increase costs by $900 million in the third quarter, with expected revenue growth in the lower half of the 0%-10% range year-on-year. Apple Inc. CEO Tim Cook stated that the impact of tariffs on Apple Inc. in the second quarter was limited and they will not increase prices at the moment. Additionally, although sales in Greater China were lower than expected, Apple Inc.'s performance in the Chinese market remained relatively stable after excluding the impact of exchange rate headwinds.