Apple Received a $2.2B Tariff Refund

Calculated based on the company’s reported total revenue of $109.4 billion and the stated “favorable impact of $0.11 from tariff refunds,” it looks like Apple received a massive $2.2B windfall thanks to Donald Trump’s tariffs being ruled illegal. The refund was so substantial that it inflated Apple’s gross margins, allowing it to beat analysts’ revenue estimates, CNBC reports.