Europe has just dealt Apple and Google multibillion-dollar blows.

Following a ruling by Europe's top court on Tuesday, Apple has lost its battle to avoid a tax bill worth €13 billion ($14.4 billion). This setback comes just one day after the iPhone maker unveiled a slew of new products aimed at boosting sales.

In a different ruling, the European Court of Justice affirmed a €2.4 billion ($2.6 billion) antitrust fine against Google, dealing a double blow to two of the biggest tech companies in the world.

The European Court of Justice (ECJ) upheld the European Commission's 2016 ruling against Apple (AAPL), finding that Ireland had given Apple illegal state aid that it had to repay. The executive branch of the European Union estimated that Ireland had provided Apple with "illegal tax benefits" totaling €13 billion.

 In a related development, the court denied an appeal filed by Google and its parent company Alphabet (GOOGL) challenging the 2017 European Commission fine of €2.4 billion. Google was penalized by the Commission for abusing its monopoly in online search by giving preference to its own comparison shopping service over rivals' offerings.