Apple (NASDAQ:AAPL) is the second largest company in the world by market capitalization at the time of this writing. Its reach extends across continents, where Apple products are used by people all over the world regardless of their political, economic, and social status and/or their nationality. Today, Apple faces the prospect of an economic punishment in Europe, the second-largest market in the world for Apple products.
Shares of Apple have dropped 5.9% month-over-month as of close on Friday, February 16, 2024. Meanwhile, this gigantic tech stock has fallen 1.79% in the year-to-date period. The stock has still climbed 22% over the past year, as Apple and other members of the “Magnificent 7” have dominated the United States stock market in 2024.
Earlier this week, a report from the Financial Times said that the European Union (EU) moved ahead with its $500 million after regulators had investigated a complaint. The complaint revealed that Apple policies work to prevent iPhone apps from informing users about cheaper alternatives to Apple’s iTunes music service.
Apple has attracted controversy in the past as it has sought to coral customers inside its App store payments system, for obvious reasons. Its shares currently possess a solid price-to-earnings ratio of 28 at the time of this writing. In fiscal 2023, Apple achieved $383 billion in revenue and $97 billion in net income. The company is on track to deliver solid earnings growth going forward.
