Apple will have to pay a patent holding firm called Acacia a penalty of $22 million, a federal jury in East Texas decided this week. The issue is over a patent dispute, which is all to common for Apple, regarding cellular network technology.
Spotify today confirmed it has reached the 40 million paid subscriber milestone.
In a tweet shared by Spotify’s official Twitter account today, the company’s CEO and Founder Daniel Ek hinted that the service has hit the 40 million subscriber milestone. A Spotify spokesperson later confirmed the stat to 9to5Mac.
EU antitrust regulators have today ruled that Ireland’s tax arrangements with Apple are illegal. It is demanding that the country get Apple to pay back up to 13 billion euros in back taxes, around 15 billion dollars. Last night, it was reported to be in the region of 1.1 billion dollars so this is a substantial increase in the final ruling. The bill is probably subject to appeals but a ruling in the order of billions is a huge deal, even for Apple.
Update: Apple has said that it will appeal the European Commission tax decision, via Reuters.
JP Morgan, an investment banker for Apple, has said that the worst-case outcome of a long-running European Commission investigation into the legality of Apple’s European tax arrangements could be a back-tax bill of $19B. It had previously been estimated that the bill might amount to $8B.
Back in 2014, some of the biggest investors in the U.S. suggested that Apple could be the first company to achieve a trillion dollar valuation by market cap, having gotten two-thirds of the way there that year before later slipping. Investment site Motley Fool yesterday acknowledged that the company could indeed be just ‘one home-run product’ away from this, but made the seemingly-unlikely argument that Amazon may get there first …
Reuters sources have said that Apple’s billion dollar investment in Chinese ride-sharing company Didi Chuxing was one of the key factors that led to Uber ceasing independent operation in the country. It was announced earlier this week that Didi had acquired UberChina in return for a 20% shareholding.
Apple invested $1B in Didi back in May, the same month that the company began actively seeking to acquire UberChina. Together with investments with Chinese tech companies Alibaba and Tencent, it was this which led Uber to conclude that it was being out-spent and would ultimately lose the expensive battle for market domination …
Back in February an East Texas court ruled that Apple must pay more than $625 million in damages to VirnetX over patent infringement related to iMessage and FaceTime. The patent case was especially notable for being one of the highest amounts rewarded in history, but the plaintiff in the case wasn’t satisfied and asked for $190 million more in damages four months later. But for now it’s back to the step one for Apple and VirnetX in this case as a federal judge has decided the case must be revisited…
Update: Apple confirms:
“iPhone has become one of the most important, world-changing and successful products in history. It’s become more than a constant companion. iPhone is truly an essential part of our daily life and enables much of what we do throughout the day,” said Cook. “Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we’ve always set out to make the best products that make a difference. Thank you to everyone at Apple for helping change the world every day.”
With iPhone sales reported for Apple’s fiscal Q3 yesterday, the company is now at around 988.15 million iPhones sold, meaning it’s about to pass the 1 billion units sold milestone and will likely do so any day now.
Via USA Today, Apple has become the first US company to donate to China aid efforts following the mass flooding and rainfall in the region since June. The natural disaster has affected over 30 million people in 500 cities; 164 people have been killed in the tragedy.
Although a million dollar donation pales in contrast to Apple’s total business, the donation will significantly help relief efforts in China and Apple is the only American company to offer financial support so far. Apple CEO Tim Cook acknowledged the catastrophe on Chinese social media site Weibo.
Reuters this evening reports that Apple is investing $1 billion in Chinese ride-hailing service Didi Chuxing. In a statement, CEO Tim Cook explained that the investment will give Apple a chance to learn more about certain segments of the Chinese market, while it will also deliver a strong return.
According to a new report from The Economic Times of India, Apple supplier Foxconn is close to signing a deal with the Indian government to open an iPhone manufacturing plant in the country. The report claims that Apple and Foxconn have narrowed the location for the factory down to Maharashtra.