Google and Apple Lose Appeals in Landmark E.U. Cases

Published On Sep 10, 2024, 4:17 AM

The European Union's highest court has ruled against Apple and Google in significant antitrust cases, upholding a 2016 EU order for Apple to pay Ireland €13 billion ($14.4 billion) in unpaid taxes due to illegal tax arrangements. This decision reinforces the EU's authority in regulating large technology companies and may set precedents for future cases. Apple argues that this ruling represents a retroactive change to taxation rules and emphasizes that the income was already taxed in the United States.

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Stock Forecasts

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Negative

The decision by the EU court could lead to increased regulatory burdens on tech companies like Apple and Google, which may impact their profitability in Europe. Investors may want to be cautious about investing in these companies short-term due to potential financial implications from further regulatory actions in Europe.

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Negative

Google (Alphabet Inc.) could also face similar challenges in the future as the EU continues its crackdown on tech giants, potentially leading to heavy fines or operational changes. This could weigh on Google's stock performance in the near term.

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