Apple to be fined in Russia over violating antitrust laws and abusing its position in the app store
July 20, 2022
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Apple Intrinsic Value – Apple ($NASDAQ:AAPL) is set to be fined in Russia after the country’s Federal Anti-monopoly Service (FAS) said it violated antitrust laws and abused its position in the app store market, Reuters reported. The FAS said it would levy a yet-to-be-determined fine against the tech giant, as it “has abused its dominant position in the iOS app distribution market.” The agency also said that “Apple prohibits iOS app developers from telling clients inside the app about the possibility of paying for purchases outside the App Store or using alternative payment methods.” It’s not yet clear how this fine will affect Apple’s business in Russia or its earnings in the long term. However, it is likely to put additional pressure on the company as it faces antitrust scrutiny in multiple countries.
This news has sent shockwaves through the tech world, and has called into question Apple’s dominance in the space. While the exact amount of the fine has not yet been determined, it is expected to be significant. Apple’s stock has reacted positively to the news, with shares opening up at $147.9 and closing at $151.0, up 2.7% from the previous closing price of $147.1. This indicates that investors are not too worried about the implications of the fine, and believe that Apple will be able to weather the storm.
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Apple said it would appeal the decision, but the news sent shockwaves through the tech world and cast a shadow over the company’s otherwise strong financial results. The stock price has been volatile in recent months as investors grapple with concerns about slowing iPhone sales and the trade war between the United States and China.
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