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Apple faces potential multi billion-euro fine 📃

2:31 pm 24 June 2024

The European Commission has informed Apple that its App Store policy potentially violates the Digital Markets Act (DMA), particularly by restricting app developers from directing consumers to alternative purchasing or content channels.

  • This marks the second potential fine imposed by the European Commission that Apple has faced this year. The first, imposed in early March, accused the company of abusing its dominant market position in the distribution of music streaming apps to iPhone and iPad users. The fine amounted to 1.8 billion euros, the highest penalty Apple has faced from the EC.

  • The previous fine was a 1.1 billion euro penalty in France in 2020 for alleged anti-competitive behavior, which was reduced to 372 million euros upon appeal.

This time, the potential fine could be up to 10% of the company's total global revenue. Based on the 2023 financial results, this could mean a penalty of 35 billion euros. However, such a large sum is unlikely. It is more plausible that the final amount will not exceed the last penalty, and may even be in the hundreds of millions of euros. Apple will also have the opportunity to appeal the decision, which could potentially lead to a reduced amount.

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This preliminary assessment is part of a broader scrutiny under which Apple's new contractual stipulations for third-party developers, including a 'Core Technology Fee', are also being examined for compliance with the DMA. Margrethe Vestager, the executive vice-president in charge of competition policy, emphasized the importance of "steering" to reduce developer dependence on major app stores and to alert consumers to better offers.

Apple (D1)

In pre-market trading, Apple's shares are up 0.20%. Consequently, there is no reaction to the potential fine. Currently, there are no exact details regarding the amount or potential timeline for resolving the investigation and paying the fee. Apple's shares still remain at record high levels above 210 USD.

Source: xStation 5

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

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