US tech giant Apple saw a plunge in net income for the July-to-September quarter due to a hefty bill for unpaid taxes.
The company said on Thursday that total net sales rose 6 percent from the same period last year to about 95 billion dollars. It credited higher smartphone sales in areas excluding China for the rise.
But the European Commission decided that a tax advantage Apple had received from the Irish government constituted unlawful aid.
The EU's top court in September ordered the firm to pay over 10 billion dollars in back taxes.
Apple's net income accordingly suffered a 36 percent drop to just under 15 billion dollars.
The company said on Thursday that total net sales rose 6 percent from the same period last year to about 95 billion dollars. It credited higher smartphone sales in areas excluding China for the rise.
But the European Commission decided that a tax advantage Apple had received from the Irish government constituted unlawful aid.
The EU's top court in September ordered the firm to pay over 10 billion dollars in back taxes.
Apple's net income accordingly suffered a 36 percent drop to just under 15 billion dollars.
Similar Readings (5 items)
Apple shares slide after China government iPhone ban reports
Google, Apple profits down amid economic slowdown concerns
US technology giants report increases in sales, profits
Apple Japan slapped with $98 million bill for back taxes
Huawei posts first annual sales drop on US chip ban
Summary
Apple's Q3 net income dropped by 36% to nearly $15 billion, due to a large tax bill of over $10 billion ordered by the EU. Despite a 6% increase in total net sales to approximately $95 billion, driven mainly by higher smartphone sales outside China, this decrease in profitability occurred due to
Statistics
109
Words1
Read CountDetails
ID: f2b5cee3-4488-4ba6-97f1-a5bc8afcbf85
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20241101_B03/
Created: 2024/11/03 07:00
Updated: 2025/12/08 09:15
Last Read: 2024/11/03 18:55