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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

(AAPL)
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Apple : Fortnite' Will Remain Out of Apple's App Store Ahead of Trial, Judge Rules -- Update

10/09/2020 | 05:55pm EST

By Sarah E. Needleman

A California federal judge said Apple Inc. doesn't have to return the popular videogame "Fortnite" to its App Store but maintained that the tech giant can't block the game's creator from accessing its critical software development tools.

The ruling Friday on Epic Games Inc.'s motion for a preliminary injunction yielded a split decision similar to Judge Yvonne Gonzalez Rogers' order in August.

"Given the novelty and the magnitude of the issues, as well as the debate in both the academic community and society at large, the Court is unwilling to tilt the playing field in favor of one party or the other with an early ruling of likelihood of success on the merits," Judge Gonzalez Rogers wrote in her ruling.

The decision sets the stage for a trial next year that could have broader implications on the market for mobile apps and the companies that operate app marketplaces.

It also comes a few days after a report from the Democratic-led House Antitrust Subcommittee accusing Apple of abusing its market power with regard to how it operates the App Store. The report referenced an article by The Wall Street Journal last year that said Apple's apps routinely appeared in search results in its App Store ahead of those from rivals. At the time Apple said it doesn't give its own products an advantage over others and that it uses an algorithm reliant on machine learning and past consumer preferences to determine results, and that app rankings fluctuate.

Epic sued Apple as well as Google in August after the companies yanked its shooter-survival game from the App Store and Google Play, citing the addition of an unauthorized payment system that skirted their 30% commission on in-app purchases of digital goods.

Epic claims that Apple's App Store commission is excessive, that Apple unfairly prohibits developers from processing customer transactions themselves and that the tech giant abuses its control of the marketplace to stifle competition. The Cary, N.C., company said in its lawsuit that Apple violated the Sherman Antitrust Act in addition to California state rules regarding anticompetitive conduct.

Apple, which countersued Epic, disputes Epic's characterizations, saying that the developer can distribute its software through multiple channels and that charging a commission isn't illegal and covers expenses such as maintaining user privacy. It also accused Epic of deliberately flouting its rules and engaging in a campaign aimed at hurting its business.

Write to Sarah E. Needleman at sarah.needleman@wsj.com

(END) Dow Jones Newswires

10-09-20 1955ET

Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.30% 1787.02 Delayed Quote.33.42%
APPLE INC. 0.48% 116.59 Delayed Quote.58.05%
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Financials (USD)
Sales 2021 315 B - -
Net income 2021 66 095 M - -
Net cash 2021 80 862 M - -
P/E ratio 2021 29,5x
Yield 2021 0,73%
Capitalization 1 982 B 1 982 B -
EV / Sales 2021 6,04x
EV / Sales 2022 5,69x
Nbr of Employees 147 000
Free-Float 99,9%
Chart APPLE INC.
Duration : Period :
Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 126,66 $
Last Close Price 116,59 $
Spread / Highest target 28,7%
Spread / Average Target 8,64%
Spread / Lowest Target -35,7%
EPS Revisions
Managers
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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1st jan.Capitalization (M$)
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