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    AAPL   US0378331005

APPLE INC.

(AAPL)
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Apple : FACTBOX-Five things to know about Epic's epic legal fight with Apple

05/21/2021 | 12:56pm EDT

WASHINGTON, May 21 (Reuters) - Apple Inc Chief Executive Tim Cook takes the witness stand on Friday to defend the lucrative App Store against "Fortnite" maker Epic Games' allegations that it is a monopoly that Apple illegally abuses.

What is Epic and why is it suing?

After years of complaints about Apple by app companies like music service Spotify Technology, Epic sued the most valuable U.S. public company for allegedly using its dominance to rake in bigger profits.

Epic has waged a public relations and legal campaign, arguing that Apple acts anticompetitively by only allowing apps it approves on the world's 1 billion iPhones and by forcing developers to use Apple's in-app payment system, which charges commissions of up to 30% on sales. Epic considers this an outsized cut of profits for processing payments.

What does Epic want from the trial?

Epic's lawsuit seeks injunctions on Apple's actions that would allow third party app stores on the iPhone and wants app developers to be able to use their own in-app payment systems, circumventing Apple's commission.

What has been Apple's defense? What will Cook say?

Cook, who took over from founder Steve Jobs in 2011, is expected to spend more than two hours talking about Apple's corporate values, how the App Store came about, and Apple's competitive landscape. It is likely to be his most extensive public remarks to date on App Store, which anchors Apple's $53.8 billion services business.

Cook is expected to press the case that App Store's rules are aimed at shielding customers from malware and protecting their privacy.

Who will decide the case?

The case is being heard by federal Judge Yvonne Gonzalez Rogers, who was nominated to the bench by then-President Barack Obama in 2011. She is at the U.S. District Court in the Northern District of California. The trial is in Oakland, California.

What other probes does Apple face?

In late April, European Union regulators accused Apple of distorting competition in the music streaming market, siding with Spotify in a case that could lead to a hefty fine and changes in the iPhone maker's lucrative business practices. The findings are preliminary and the first time Brussels has leveled anti-competitive charges against Apple.

The U.S. Justice Department has also been investigating Apple's app store, at least since June 2019. In that probe, some app developers have accused Apple of introducing new products very similar to existing apps created by other developers and sold in the Apple Store, and then trying to banish the older apps from the store. (Reporting by Stephen Nellis; Writing by Diane Bartz; Editing by Richard Chang)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -1.83% 146.06 Delayed Quote.10.08%
SPOTIFY TECHNOLOGY S.A. 2.51% 248.1 Delayed Quote.-21.15%
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2021 366 B - -
Net income 2021 93 853 M - -
Net cash 2021 78 438 M - -
P/E ratio 2021 26,2x
Yield 2021 0,59%
Capitalization 2 414 B 2 414 B -
EV / Sales 2021 6,38x
EV / Sales 2022 6,17x
Nbr of Employees 147 000
Free-Float 99,0%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 44
Last Close Price 146,06 $
Average target price 165,36 $
Spread / Average Target 13,2%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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