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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

(AAPL)
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117.55 USD   +0.03%
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Apple critics form coalition to challenge App Store fees

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09/24/2020 | 09:40pm EDT
FILE PHOTO: The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in New York

A group of Apple Inc's critics - including Spotify Technology SA, Match Group Inc and "Fortnite" creator Epic Games - have joined a nonprofit group that plans to advocate for legal and regulatory action to challenge the iPhone maker's App Store practices.

Apple charges a commission of between 15%-30% for apps that use its in-app payment system and sets out extensive rules for apps in its App Store, which is the only way Apple allows consumers to download native apps to devices such as the iPhone. Those practices have drawn criticism and formal legal complaints from some developers.

The Coalition for App Fairness, structured as a nonprofit based in Washington, D.C. and Brussels, said it plans to advocate legal changes that would force Apple to change. Beyond Epic, Match and Spotify, other members include smaller firms such as Basecamp, Blix, Blockchain.com, Deezer, and Tile, along with developers from Europe including the European Publishers Council, News Media Europe and Protonmail.

Epic is suing Apple over antitrust claims in a U.S. federal court in California, while Spotify has filed an antitrust complaint against Apple in the European Union. Sarah Maxwell, a representative for the group, declined to comment on how much funding the Coalition for App Fairness has raised and from whom.

Apple declined to comment but on Thursday unveiled a new section of its website explaining the benefits of its approach, saying it had blocked 150,000 apps last year for privacy violations. It says App Store fees fund the creation of developer resources such as 160,000 technical documents and sample code to help developers build apps.

Mike Sax, founder of The App Association, a group sponsored by Apple, said in statement that the new coalition's "big brands do not speak for the thousands of app makers that are the foundation of the app economy."

By Stephen Nellis


Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.54% 116.87 Delayed Quote.59.20%
SAX -0.11% 352.57 Real-time Quote.0.52%
SPOTIFY TECHNOLOGY S.A. 3.97% 271.32 Delayed Quote.81.42%
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Financials (USD)
Sales 2020 273 B - -
Net income 2020 56 922 M - -
Net cash 2020 73 843 M - -
P/E ratio 2020 36,0x
Yield 2020 0,68%
Capitalization 1 999 B 1 999 B -
EV / Sales 2020 7,05x
EV / Sales 2021 6,24x
Nbr of Employees 137 000
Free-Float 99,9%
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Technical analysis trends APPLE INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 41
Average target price 122,07 $
Last Close Price 116,87 $
Spread / Highest target 28,3%
Spread / Average Target 4,45%
Spread / Lowest Target -39,2%
EPS Revisions
Managers
NameTitle
Timothy Donald Cook Chief Executive Officer & Director
Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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