Apple shares have fallen roughly 2% since the opening bell Thursday, following overnight reports that the Justice Department is preparing to file a federal antitrust suit accusing the iPhone maker of blocking its rivals from accessing hardware and software features on its devices.By 10:30 a.m. Thursday, the tech giant’s shares had dropped about 2% to just above $175, after previously falling in pre-market trading.
Payment companies and banks have similarly complained that Apple restricts the use of its tap-to-pay NFC technology to Apple Pay while blocking other banking apps from doing the same. Others like Spotify have called out Apple for taking a 30% cut on all in-app purchases on its device while also offering competing services like Apple Music.The purported lawsuit comes as Apple is likely to face stringent antitrust scrutiny in Europe, with the implementation of the EU’s Digital Markets Act.
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Source: Forbes - 🏆 394. / 53 Read more »