Apple (AAPL)’s Q2 earnings are set to be reported this Thursday, right after the market closes. The stock has underperformed in 2025 thus far, falling 15% year-to-date. The iPhone developer was severely affected by the economic downturn and the arrival of US reciprocal tariffs. Experts have been searching for any signs of a rebound, but have yet to see AAPL pick up steam.
As mentioned, there are several factors negatively impacting Apple (AAPL) stock. However, they can also eventually flip and give the stock a chance to resurge. These three in particular have the chance to make or break Apple shares for investors in the remainder of 2025.
US Tariffs
The most obvious make-or-break factor for Apple, and most tech giants, is the future of US tariffs. Currently, there is a mass pause on tariffs with a 10% baseline. However, Apple Inc. has already taken several precautions to protect itself from tariffs.
Indeed, the iPhone maker says that it plans to begin sourcing all US iPhones from India, pivoting away from previously sourcing them from China. It also flew in hundreds of tons of iPhones to the US to ensure enough supply in case tariffs made developing iPhones abroad too costly.
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iPhone Revenue
Additionally, iPhone revenue continues to be the biggest driver of Apple’s financial results. Experts project a seasonal decline from the December quarter, which benefits from a new product release and the holiday season. On the other hand, there should be modest year-over-year growth for iPhone revenue in the March quarter, as well as profits from other Apple products and services.
Apple’s Growth of Services
Speaking of services, the growth of Apple services should also be reflected in the upcoming earnings report. Services revenue is Apple’s next biggest driver after iPhones. Experts predict a continuation of strong double-digit growth in the March quarter, with Apple continuing the development of its services.