Technology companies are starting to talk about how Donald Trump’s trade war may impact their business. We’ll find out more as earnings keep coming next week, with tariffs top of mind.

Meta Platforms, Microsoft, Amazon.com, Apple, and Spotify Technology are scheduled to report in the coming days. Investors will be listening closely to hear how the trade war may be disrupting supply chains and products shipped from China and other countries facing Trump’s tariffs.

Some tech companies have already discussed tariffs on earnings calls. But the situation is fluid with exemptions in place for some types of chips, hardware, and iPhones. Trump recently said that 145% on tariffs on Chinese goods would drop “substantially,” but the timing is unclear and companies face near-term disruptions in sales.

Here’s what some tech companies have said, providing a glimpse of what’s to come.

Sundar Pichai, CEO of Alphabet

“We’re obviously not immune to the macro environment. But we wouldn’t want to speculate about potential impacts beyond noting that the changes to the de minimis exemption will obviously cause a slight headwind to our Ads business in 2025, primarily from APAC-based retailers.”

Alphabet didn’t mention tariffs on its earnings call Thursday, except indirectly in this quote from Pichai. The de minimis exemption had allowed lower cost packages to enter the U.S. without tariffs, but Trump ended that exemption. Alphabet could be hit if Chinese e-commerce firms like Shein and Temu pull back on ad spending.

Meta (parent of Instagram and Facebook) and Amazon are in a similar boat: both generate considerable revenue from advertising. Amazon relies heavily on Chinese suppliers and retailers for its marketplace revenue, and Trump’s tariffs of 145% on Chinese goods are certain to sting, along with higher duties on imports from other countries.

Elon Musk, CEO of Tesla

“Tariffs are tough on a company when margins are still low.”

Tesla reported first-quarter earnings onTuesday, and Musk made it clear that despite his close relationship with the president, he’s an advocate for “free trade and lower tariffs.” A25% tariff on imported carsand a 25% parts tariff are set to be implemented by early May.

More notable is what Tesla didn’t say: The company declined to update guidance for the rest of 2025, citing uncertainty around the impact of trade policy on the auto and energy supply chains.

Tesla has far more protection from tariffs than other auto makers due to its large manufacturing base in North America; 85% of its vehicles comply with the U.S.-Mexico-Canada Agreement, according to Benchmark Equity Research. Tesla stock is showing signs of life, rising 10% on Friday on hopes for new products and the launch of robo-taxis in June.

David Zinsner, CFO of Intel

“We believe Q1 revenue benefited from customer purchasing behavior in anticipation of potential tariffs, though it is difficult to quantify the magnitude.”

Intel reported better-than-expected earnings and revenue onThursday, but gave disappointing second-quarter revenue guidance. Tariffs are causing uncertainty for the company and its customers, even as the Trump administration has put temporary exemptions on some tech products, like laptops. It seems that shoppers have started to take action to get ahead of potentially rising prices; that could bode poorly for the future.

One read-through is that Apple may also top estimates, benefiting from accelerated sales of iPhones. Several Wall Street analysts have said they expect the iPhone maker could report better-than-expected revenue due to accelerated demand. The drawback: fewer phone upgrades in the months ahead.

William McDermott, CEO of ServiceNow

“Yes, CEOs are mindful that the global economy is in a fluid state. No, they are not standing still.”

ServiceNow is an enterprise software company that not only reported better-than-expected first-quarter financials onWednesday, but also provided stronger-than-expected subscription revenue guidance.

ServiceNow offers software solutions to businesses, including those powered by generative artificial intelligence. Companies have been willing to spend big on these software products to boost productivity. There’s been worry on Wall Street that enterprises will start to cut back their IT budgets to get ahead of a potential economic slowdown. ServiceNow says that hasn’t happened yet.

Microsoft, which reports earnings on Wednesday, has a large software business through its Office family of apps. ServiceNow’s confidence in the near-term could be a good sign for that part of Microsoft’s business.

Gregory Peters, Co-CEO of Netflix

“We’re paying close attention, clearly, to the consumer sentiment and where the broader economy is moving. But based on what we are seeing by actually operating the business right now, there’s nothing really significant to note.”

Netflix was one of the first tech companies to report its financial results this earnings season. Shares of the streamer have been outperforming the market this year and the company issued a strong outlook.

Entertainment isn’t directly hit by tariffs, but a slowdown in consumer spending might trickle down: consumers may downgrade to lower-priced plans or cancel service, and Netflix has a growing ad business that could weaken. Netflix asserted on April 17 that it’s still in a solid position.

For now, it looks like consumers still want to spend on entertainment, which could bode well for other subscription-based media platforms, like Spotify. The music streamer is scheduled to report earnings on Tuesday.