Apple hit by EU antitrust fine in Spotify case
Apple, all-sessions, falls after the EU fined Apple $2 billion for preventing Spotify and other music streaming services from informing users of payment options outside its App Store.
IGTV financial analyst Angeline Ong explains the importance of this ruling and what’s next.
(AI Video Summary)
Apple penalised with nearly $2 billion antitrust fine by EU
The European Union (EU) has given Apple a massive fine of $1.95 billion for supposedly stopping Spotify and other companies from telling users about other ways to pay for their services outside of Apple's app store. Apple is going to argue against this fine in court, but the EU antitrust chief, Margrethe Vestager, says that Apple has been unfairly using its powerful position in the market for music streaming app distribution for the past decade.
Apple's share price falls
If we look at Apple's stock chart, we can see that the stock is on a downward trend. The two-hourly chart clearly shows that the stock is consistently going down. You can trade Apple's stock online at any time because it's always available. When we look at the 15-minute chart in more detail, we can see a line drawn at 9 a.m., which shows how the stock has been moving since trading started. The stock is actually going down before regular trading hours even begin.
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