Apple’s Profit Drops 36% as Tech Giant Pays $10 Billion to Resolve European Tax Issue

Apple reported its best fourth quarter sales ever on Thursday, thanks to a record performance from its Services sector, which includes revenue from the App Store, Apple TV+ and Apple Music. At the same time, the tech giant’s quarterly profit took a big hit after Apple paid more than $10.2 billion to resolve a longstanding tax issue in Ireland.

Here are the top-line numbers from Apple’s fourth quarter, which represents its July through September performance:

Revenues: $94.90 billion, a 6% increase from $89.5 billion in 2023. Apple’s Q4 sales topped analyst estimates from Zack’s Investment Research of $94.56 billion.

Net income: $14.74 billion in net income, down 35.9%