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Top stories today:
- Trump announces most countries will face tariffs starting Aug. 7
- Apple Q3 revenue +10% YoY to $94B, biggest growth since Dec. 2021
- SEC launches āProject Cryptoā to bring U.S. financial markets āon chainā
- Figma +250% in debut after $1.2B IPO
- Amazon Q2 revenue +13% YoY to $167.7B, net income +35%
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Trump announces most countries will face tariffs starting Aug. 7, pushing U.S. average to 15.2%
Baseline rates stay at 10% for many partners from Trumpās Apr. tariffs.
Raising Canadian tariffs to 35% risks straining ties further.
90-day extension Mexico has received to negotiate a better agreement.
Thu.: the order was signed behind closed doors, without the fanfare of Trumpās Apr. rollout.
No date yet on revised auto tariff rateās implementation.
Relatedly, federal judges questioned Trumpās use of emergency powers to justify broad tariffs.
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3. Apple Q3 revenue +10% YoY to $94B, biggest quarterly growth since Dec. 2021
+13% YoY in iPhone sales to $44.58B, boosted by stronger iPhone 16 demand.
+13% in revenue from services to $27.42B.
-8% in iPad sales to $6.58B, despite the low-cost iPad launch in Mar.
-8.6% in wearables sales to $7.4B.
$800M in tariff costs incurred in the Jun. quarter, Apple CEO Tim Cook said, lower than the $900M the company estimated in May.
~$1.1B in tariff costs is estimated for the Sep. quarter.
3B+ iPhones have been sold since the 2007 launch.
Appleās China revenue +4.4% YoY to $15.4B in Q3, beating Wall Streetās $15.2B estimate
Apple spent $1.57B on capex and $4.76B on R&D in Q3
ā[S]ignificantly growingā investments in AI and reassigning staff to work on AI features, and even āvery open to M&Aā, Cook said.
