That is how much tariffs will add to Apple's costs this quarter, assuming existing policies remain in place, said Chief Executive Tim Cook. He forecast the hit could worsen further ahead. Shares in the iPhone maker fell nearly 3% in premarket trading.

Trump's tariffs will cost Apple about $900 million in Q2, but Tim Cook says most iPhones sold in the US will come from India, meaning lower tariffs and, hopefully, no price hikes for you.

The company announced it upped its quarterly cash dividend to $0.26 per share and its board approved a $100 billion share buyback program.