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APPLE INC.

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Google launches fresh appeal to overturn $2.8 billion fine at top EU court

01/20/2022 | 03:11pm EDT
FILE PHOTO: The Google logo is pictured at the entrance to the Google offices in London

(Reuters) - Google is filing an appeal at the European Union's top court against an earlier decision to uphold a $2.8 billion antitrust fine, a spokesperson for the Alphabet unit said late on Thursday, the company's second bid to overturn the penalty.

EU Competition Commissioner Margrethe Vestager fined the world's most popular internet search engine in 2017 over the use of its own price comparison shopping service to gain an unfair advantage over smaller European rivals.

The case was the first of three decisions that have seen Google rack up 8.25 billion euros in EU antitrust fines in the last decade.

In November, the EU's General Court largely dismissed Google's challenge against the fine, saying the European Commission correctly found the company's practices harmed competition.

The judges in Luxembourg rejected the company's argument that the presence of merchant platforms showed there was strong competition.

"After careful consideration, we have decided to appeal the General Court's decision because we feel there are areas that require legal clarification from the European Court of Justice," the Google spokesperson said in a statement.

"Irrespective of the appeal, we continue to invest in our remedy, which has been working successfully for several years, and will continue to work constructively with the European Commission."

The court's support in November could also strengthen Vestager's hand in her investigations into Amazon, Apple and Facebook.

(Reporting by Sabine Siebold; Editing by Kirsten Donovan)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.88% 2155.85 Delayed Quote.-25.58%
AMAZON.COM, INC. 4.03% 2221.55 Delayed Quote.-33.37%
APPLE INC. 2.32% 143.78 Delayed Quote.-19.03%
META PLATFORMS, INC. 4.24% 191.63 Delayed Quote.-43.03%
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Financials (USD)
Sales 2022 394 B - -
Net income 2022 99 837 M - -
Net cash 2022 63 669 M - -
P/E ratio 2022 23,4x
Yield 2022 0,63%
Capitalization 2 327 B 2 327 B -
EV / Sales 2022 5,75x
EV / Sales 2023 5,37x
Nbr of Employees 154 000
Free-Float 99,9%
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Technical analysis trends APPLE INC.
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Mean consensus BUY
Number of Analysts 45
Last Close Price 143,78 $
Average target price 188,24 $
Spread / Average Target 30,9%
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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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