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Apple stock fell after a judge ruled in favor of Epic Games

11 September 2021
2666
2 min.
2
Apple stock fell after a judge ruled in favor of Epic Games

The situation of Apple shares after the trial

Apple's share price fell more than 2% after the tech giant won a court order on Friday in a legal battle with Fortnite creator Epic Games.

With the ban, developers using the company's App Store will be able to enter metadata into the app "buttons, external links and other actions"and"in addition to in-app purchases, they will also be able to direct customers to a purchase mechanism."

In addition, Apple can no longer prohibit developers from communicating with customers through contacts they voluntarily obtain through the account registration built into the app.

The order, which will go into effect on May 12, comes from Epic Games last year, announcing plans to introduce its own in-app game billing system to avoid Apple paying 30% fee.In in response to the motion, Apple removed Fortnite from the App Store and offers limited access to your iOS developer account.In in response, Epic filed a lawsuit in the anti-monopoly law, alleging that Apple was using the App Store to stifle competition and maintain a monopoly position in the app market.

Interestingly, although Apple won 10 out of 9 cases, it was recognized as anti-competitive under the State of California's Unfair Competition Prevention Act.

However, the court can only ultimately conclude that Apple Inc. it is a monopoly under federal or state antitrust laws.

From 2020 to 208, Epic Games would pay 30% of all revenue generated by Fortnite's direct payment system.

Prior to this decision, Apple Inc. the shares were traded at a record high of.1 per share at$154.30.

Apple sees the decision as a"big win"and says it is"very happy".

A spokesman for Epic Games, meanwhile, acknowledged that it plans to appeal the decision as a complaint.

"Today's decision is not a win for developers or consumers. We are fighting for fair competition for integrated payment methods and app stores for 10 billion consumers," tweeted the CEO of Epic Games.

Companies2 in the news

Epic Games
1 place
Apple
2 place
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