Apple

The European Union has imposed a €1.84 billion ($2 billion) fine on Apple (NASDAQ: AAPL) &nbsp; for limiting competition in the music streaming market through its App Store policies. This marks the first instance where Apple has been penalized for contravening EU rules. The fine is a response to practices that prevented rivals, notably Spotify, from directing users to alternative payment methods outside of the App Store.
This<a href="https://www.reuters.com/technology/apple-hit-with-over-18-bln-euro-eu-antitrust-fine-spotify-case-2024-03-04/" rel="noopener noreferrer nofollow" target="_blank"> decision by the European Commission</a> follows a complaint lodged by Spotify in 2019, accusing Apple of anti-competitive behavior. The Commission’s investigation concluded that Apple’s actions created unfair trading conditions by restricting developers from informing users about cheaper subscription options available outside its ecosystem.
Margarethe Vestager, the European Competition Commissioner, detailed that the fine includes a basic component of €40 million, referred to as a “parking ticket” for Apple, with an additional €1.8 billion aimed at deterring similar conduct in the future. This total penalty corresponds to 0.5% of Apple’s global turnover, highlighting the scale of the EU’s action against the tech giant.
<h2 class="wp-block-heading" id="apple-s-responds">Apple’s responds</h2>
Apple has announced its intention to appeal the ruling, which will be reviewed by the Luxembourg-based General Court, Europe’s second-highest court. The appeal process is expected to extend over several years. In the meantime, Apple’s stock experienced a 3.2% decline to $173.88 following the announcement of the fine.
The EU’s move is part of a broader effort to regulate the market power of large technology firms and ensure competitive fairness. This penalty against Apple ranks as the third-largest antitrust fine issued by the EU, highlighting the significant regulatory focus on the practices of major tech companies.

EU fines Apple €1.84B for App Store antitrust violations

목차

Cryptopolitan_News

2024년 3월 4일에 게재된 다른 기사

Fantom’s FTM Coin Soars, Yielding Massive Gains for a Crypto Whale

Why is the crypto market up today?

Zeebu Announced as Sponsor of 'Crypto Leader of the Year' Category at CMC Crypto Awards

Rising Concerns as AI-Generated Fake News Websites Reach 713 in February

Fidelity, BlackRock capitalize on spot Bitcoin ETF FOMO

Hong Kong’s SFC warns against impersonators of OSL Digital, HSKEX

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!