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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL

APPLE INC.

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India open to launching own app store as start-ups criticise Google - government source

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10/01/2020 | 11:10am EDT
FILE PHOTO: The Google logo is pictured at the entrance to the Google offices in London

India is open to launching its own mobile app store or expanding an existing one if it receives enough demand from domestic firms for an alternative to Apple and Google platforms, a senior government official said on Thursday.

The country has some 500 million smartphone users, most of whom use Google's Android platform, but Indian start-ups have criticised the company for policies they say stifle their growth.

SoftBank-backed Paytm, one of India's leading payments firms, protested against the U.S. tech giant's decision to remove its app for a few hours last month citing violations of gambling policies.

Alphabet-owned Google also said this week that it will strictly enforce a policy which will levy a 30% commission on payments made within apps on its Android store.

In response to an earlier media report, a senior Indian official told Reuters New Delhi hasn't received any formal request but was willing to consider developing a mobile platform where apps could be downloaded.

"Before we open one we need to know there will be takers for it," said the government official, declining to be named as he is not authorised to speak with media.

India already runs a mobile app store that lists over 1200 mainly government-backed applications, but also Paytm, and the government could also consider expanding that instead of starting from scratch, the official added.

India's technology ministry, Google and Apple did not immediately respond to requests for comment.

Google has previously said that fewer than 3% of developers with apps on its Play store sold digital goods over the last 12 months, and nearly 97% comply with its payment system policy.

Nonetheless, several Indian start-up founders are calling for a local app store that doesn't charge a high service fee.

"It's absolutely necessary to have a local app store," said Vishal Gondal, co-founder of Bengaluru-based gaming firm nCore Games.

"If we have to give 30% fees to Google and also pay for customer acquisition, how will our budding businesses survive?"

Paytm disagreed with Google's assessment but removed certain promotions to have its app reinstated. The company's founder Vijay Shekhar Sharma has said in interviews that Google was acting as "judge, jury and executioner".

Without referring to Paytm by name, Google later said its policies were aimed at protecting users from potential harm and were applied and enforced on all developers consistently.

By Sankalp Phartiyal


Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 3.56% 1607.296 Delayed Quote.15.81%
APPLE INC. 0.34% 117.93 Delayed Quote.60.07%
SOFTBANK GROUP CORP. -1.44% 7140 End-of-day quote.50.13%
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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 36,2x
Yield 2020 0,68%
Capitalization 2 010 B 2 010 B -
EV / Sales 2020 7,09x
EV / Sales 2021 6,28x
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 117,51 $
Spread / Highest target 27,6%
Spread / Average Target 3,88%
Spread / Lowest Target -39,6%
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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