The ruling, although it was a major victory for Apple, had minimal impact on AAPL shares.
After more than two years of litigation, the United States Ninth Circuit Court of Appeals affirmed a lower court judge’s 2021 ruling that largely dismissed the claims. epic games – creator of fortnite – he Apple Inc (NASDAQ: AAPL) violated federal law through its online marketplace policies. Notably, the Court of Appeal’s panel upheld the lower court judge’s ruling in favor of Epic on the California state law claims.
A closer look at Apple Inc.’s victory against Epic Games
As a result, application developers tapping into the App Store will continue to pay 30 percent of their revenue to Apple, which collectively accounted for $78.1 billion in services revenue in fiscal year 2022.
“There is a lively and important debate going on about the role played by online transaction platforms in conjunction with market forces in our economy and democracy,” the three-judge panel said. Said, “Our job as a federal court of appeals, however, is not to resolve that debate—nor can we even attempt to do so. Instead, in this decision, we have faithfully applied existing precedent to the facts.” Did.
The judges ruled 9 out of 10 in favor of Apple, but Epic Games won a ruling that allowed developers to pay for subscription apps outside of Apple’s payment system. Nevertheless, Apple hailed the ruling as a resounding victory, the second time it has been acquitted by a federal court of violating antitrust laws.
“The App Store continues to fuel competition, foster innovation and expand opportunities, and we are proud of its profound contributions to both users and developers around the world. We respectfully disagree with the court’s decision on the one claim remaining under state law and are considering further review,” Apple said.
Tim Sweeney, the founder and CEO of Epic Games, took to Twitter to acknowledge the 9th Circuit Court’s ruling in favor of Apple. Specifically, the court indicated that Epic Games did not prove its Sherman Act case.
Fortunately, the court’s positive decision striking down Apple’s anti-steering provisions freed iOS developers to send consumers to the web to do business with them directly. We are working on the next steps.
— Tim Sweeney (@TimSweeneyEpic) April 24, 2023
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The ruling, although a major victory for Apple, had minimal impact on AAPL shares. Shares of AAPL closed at around $165.33 on Monday, up 0.19 percent during the day, according to market data provided by Marketwatch. Nonetheless, Apple shares have gained nearly 27.25 percent YTD. With a market capitalization of approximately $2.61 trillion, Apple is considered one of the top tech companies shaping the global markets.
However, Apple is not out of the woods, as EU legislators are about to pass laws that prompt Apple to allow external applications on its App Store through the upcoming iOS 17 software update.
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