Court ruling sees $100bn wiped off Apple

Publish September 13, 2021
technology

Apple will no longer be allowed to prevent developers from using third-party in-app payment systems for apps in its App Store The ruling saw 3 percent of Apple's worth wiped off in Friday trading, losing more than $100 billion

Apple will no longer be allowed to prevent developers from using third-party in-app payment systems for apps in its App Store.

The ruling could potentially cost the tech titan billions as it currently takes up to a hefty 30 percent revenue cut for in-app purchases.

The ruling saw 3 percent of Apple's worth wiped off in Friday trading, losing more than $100 billion. The company has a market cap of $2.46 trillion.

According to CNBC, a US federal judge issued a ruling that allows developers to direct consumers outside the payment method of the “App Store” application, and also ordered “Epic Games” to pay compensation to Apple for breach of contract.

The court ruling clarified that Apple does not have the right to compel developers to carry out in-app purchases only, asking the company not to prevent developers from providing links or other means of communication that direct users away from in-app purchases via the “App Store”.

The company was founded in April 1976 and was put up for public subscription in the stock exchange in 1980.

Apple App Store reached a market value of $1 trillion in August 2018.

arabnews

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