Helena Lyng Blak
12 weeks ago

Apple shares down following EU fine

The US tech giant was fined €1.84 billion.
White iPhone with broken screen on wooden floor.

Apple has received its first EU antitrust penalty, a fine of 1.84 billion euros, Reuters reports.

The decision was made following an investigation into a complaint lodged by Spotify in 2019. This investigation found that the App Store's restrictions on developers' ability to disseminate information about prices and services outside the Apple ecosystem constituted unfair trading practices.

According to Bloomberg, Apple shares were down 2.5% in early New York trading. This is the lowest the stock has been since early November 2023.

Apple plans to challenge the EU's decision in court, saying in a statement, "What’s clear is that this decision is not grounded in existing competition law. It’s an effort by the Commission to enforce the DMA before the DMA becomes law."

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