Apple Stock News
Apple Inc. plans to spend $1.9 billion building data centers in Ireland and Denmark in its biggest European investment, with the facilities set to run services such as iTunes and maps for users of its devices. The centers will be powered by renewable energy, and the two facilities are scheduled to begin operations in 2017 in the two countries that are known for their use of wind power.
The Europe investment marks a push by Apple in a continent where sales rose 66% last quarter from the preceding period, outpacing the 55% growth in the Americas. Sales in Europe were $17.2 billion, accounting for 23% of the company’s total. The project will allow Apple to get rid of some of its foreign cash while creating local good will, while also putting the company in a better position for defending users’ data privacy.
Apple’s investment in Europe’s job and energy markets is important as it is coming at a key moment due to other factors. The company is currently under pressure in Ireland, where a tax deal with the Irish government is being probed by the European commission using new powers to crack down on ‘sweetheart’ deals with multinational companies. Apple is thought to have some $54 billion in profits sitting offshore that have never been taxed.
