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Apple to Pay Backdated Tax to France

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Apple’s performance this year

After a massive sell-off in December 2018, tech giant Apple (AAPL) seems to be on the path to recovery. In the last quarter, the company fell ~30.1%, and as of February 4, it has risen 8.6% so far in this quarter.

Despite its terrible start to 2019 after its downward revision to its fiscal 2019 first-quarter earnings guidance, Apple’s gains reflect Wall Street analysts’ and investors’ confidence in the company’s ability to continue driving future growth.

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Apple to pay backdated tax to France

On February 5, Apple “reached a deal with France to pay an undeclared amount of back-dated tax,” Reuters reported. The report cited French media and claimed that the tax would be “around 500 million euros ($571 million),” but the amount wasn’t confirmed by Apple’s French division when Reuters contacted it.

While clarifying on the update, Apple France noted, “The French tax administration recently concluded a multi-year audit on the company’s French accounts, and those details will be published in our public accounts.”

Today at 12:40 PM EST, AAPL was trading with a 1.5% gain compared to the 0.2% and 0.4% gains in the S&P 500 Index and the NASDAQ Composite Index, respectively.

Apart from Apple, most other US and Chinese tech giants have also traded on positive notes in 2019 so far. Microsoft (MSFT), NVIDIA (NVDA), Alphabet (GOOG), Facebook (FB), Amazon (AMZN), Netflix (NFLX), Tencent Holdings (TCEHY), Tencent Music (TME), Oracle (ORCL), Intel (INTC), Twitter (TWTR), Advanced Micro Devices (AMD), Roku (ROKU), Micron (MU), Alibaba (BABA), and Baidu (BIDU) have risen 4.1%, 11.7%, 9.2%, 29.1%, 8.7%, 31.3%, 12.8%, 12.3%, 13.0%, 4.9%, 18.1%, 30.7%, 54.8%, 24.4%, 21.6%, and 9.7%, respectively.

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