The European Union ordered Apple to pay €13 billion to the government of Ireland. It claims Apple received illegal tax benefits from Ireland between 2002 and 2014. The amount was way bigger than most observers expected and could pose problems for other US companies operating in Europe.
For the stock: Apple’s operating performance is more likely to be in focus for investors than this tax issue.
Apple is expected to launch the iPhone 7 next week and, for the next few quarters, investors will be moderately obsessed with how many it manages to sell. Apple is trying to shift to more of a services-driven company (think: Apple TV), but the iPhone still accounts for the majority of its revenue and, therefore, its sales command a lot of attention.
Originally posted as part of the Finimize daily email.
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