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

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.

During the call, Cook offered analysts and investors his first thoughts on the potential impact of the tariffs on the company’s earnings. He said there was “limited impact” in the second quarter, partly due to Apple planning ahead and optimizing its supply chains.