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    AAPL   US0378331005

APPLE INC.

(AAPL)
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Epic Games chief to speak in S.Korea as Google, Apple face app store challenge

11/10/2021 | 05:21pm EST
FILE PHOTO: A sign is seen at the entrance to the Google retail store in the Chelsea neighborhood of New York City

(Reuters) - The chief executive of "Fortnite" creator Epic Games and other vocal critics of Apple Inc and Alphabet Inc's Google plan to speak in South Korea, where the two American tech giants face new regulations forcing them to open their app stores to third-party payments.

Tim Sweeney and representatives from Match Group plan to speak at a conference next week about fairness in online ecosystems, according to a representative for the companies.

Sweeney's visit to Korea comes a day after a U.S. judge denied Apple's request https://www.reuters.com/technology/us-judge-skeptical-apples-request-pause-fortnite-antitrust-orders-2021-11-09 to pause a set of court orders handed down after a lengthy antitrust trial between Apple and Epic Games. Those orders could require Apple to allow developers to create in-app buttons and links to third-party payment systems.

In August, South Korean lawmakers amended the country's Telecommunication Business Act. Under the change, the operators of app stores would have to allow third-party payment systems in their stores instead of forcing developers to use in-app payment systems that charge commissions.

The Korean Communications Commission (KCC) has asked both Apple and Google to submit compliance plans.

Last week, Google said it had submitted a plan https://www.reuters.com/technology/google-plans-allow-third-party-payments-systems-skorea-2021-11-04 that would for the first time allow third-party payments, but it is unclear whether the plan will lower costs for developers.

Rather than charge its standard 15% commission for the use of its in-app payment system, Google said it will charge developers who use their own payment system an 11% commission. Those developers will likely pay an additional 3% to 4% in fees to an outside payment processor.

Apple has not said whether it has submitted a compliance plan. In October, a Korean official told Reuters https://www.reuters.com/technology/skorea-targets-apple-over-new-app-store-regulation-2021-10-15 Apple has told regulators it does not believe it needs to make any changes to its current business practices, potentially putting the iPhone maker on a collision course with regulators.

(Reporting by Stephen Nellis in San Francisco; Editing by Karishma Singh)

By Stephen Nellis


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 1.81% 2584.66 Delayed Quote.-12.37%
APPLE INC. -0.06% 159.69 Delayed Quote.-10.02%
MATCH GROUP, INC. -1.37% 110.17 Delayed Quote.-15.54%
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Analyst Recommendations on APPLE INC.
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Financials (USD)
Sales 2022 382 B - -
Net income 2022 93 406 M - -
Net cash 2022 67 230 M - -
P/E ratio 2022 27,8x
Yield 2022 0,58%
Capitalization 2 610 B 2 610 B -
EV / Sales 2022 6,66x
EV / Sales 2023 6,29x
Nbr of Employees 154 000
Free-Float -
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Technical analysis trends APPLE INC.
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 43
Last Close Price 159,78 $
Average target price 180,21 $
Spread / Average Target 12,8%
EPS Revisions
Managers and Directors
Timothy Donald Cook Chief Executive Officer & Director
Luca Maestri Chief Financial Officer & Senior Vice President
Arthur D. Levinson Independent Chairman
Kevin M. Lynch Vice President-Technology
Jeffrey E. Williams Chief Operating Officer
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