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.

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

Apple shares fell more than 4 percent in early trading Friday as investors weighed an outlook for the iPhone maker that’s clouded by tariffs. The company’s fiscal second-quarter results came in ahead of analyst estimates, with sales rising 5 percent to $95.4 billion, and diluted earnings per share jumping 8 percent to $1.65.