Apple released a
whitepaper that explains their thinking. But it’s really just common sense.
Common misconception. Apple’s “Europe” market segment does represent around 25% of their revenue, but Apple defines that market segment as the EU, all non-EU European countries (UK, Norway, Switzerland, etc.), Africa, the Entire Middle East, and India. (See
page six of Apple’s 10-K) Both the UK and India are bigger markets for Apple than any EU country, for example. The EU is probably closer to 10%. Still important, but not a quarter of Apple’s business.