Apple Inc.’s much-awaited quarterly earnings report failed to soothe investor concerns about its biggest challenges, including escalating tariff costs and a slowdown in China.

Apple is moving much of its production for U.S. markets out of China, responding to President Donald Trump's ongoing tariff policies.

Apple reported a decline in revenue for mainland China, Hong Kong and Taiwan for the quarter ended March 29, as the US tech giant continued to lose ground in the Chinese market amid a trade war with the US and fierce domestic competition.

The iPhone maker warned that it may take a $900 million hit from President Trump’s levies, showing that even powerful companies aren’t immune from the trade war.

CEO Tim Cook said the Trump administration’s tariffs, if they remain at their current levels, will cost Apple about $900 million in the current quarter that runs through June. During the company’s quarterly earnings call Thursday,