On Monday, Apple went up despite being aimed by a one-billion-dollar action lawsuit from developers in the UK amid App Store fees.
Its stock price increased by 0.42% to $192.75 per share on July 24. Likewise, it is expected to go up by 0.36% to $193.45 apiece in the upcoming session.
Over 1,500 app developers in the country brought up the lawsuit to the tech company. Previously, Apple mentioned that 85.00% of developers from the App Store do not pay for commission. The company said it helps European developers access markets and customers in 175 countries globally.
According to Sean Ennis, who pushed the lawsuit, the iPhone maker charges app developers excessively. He said it was due to ownership of the distribution of applications on their devices.
He added that the charges are unfair and encourage abusive pricing. Also, Ennis stated that it negatively impacts app developers and app buyers.
On the other hand, its services sector, including the Apple App Store, reached higher revenues. It now surpassed $20.00 billion per quarter.
However, the 15.00% to 30.00% commission it charges app makers for using in-app payment systems received criticism. In addition, it was targeted by antitrust regulators from many countries.
Last week, an antitrust watchdog from Spain imposed a $218.03 million fine on Amazon and Apple. They allegedly schemed to limit the online sales of devices from their competitors in the country.
iPhone Shipments from Apple to Remain Steady
Apple asked its suppliers to produce around 85 million iPhone 15 units this year, similar to last year’s number.
Despite an expected decline in its total smartphone market, it aims to have a steady shipment. Also, the company might consider higher prices for its Pro models.
According to a report, Apple and its rivals are facing massive drops in electronics demand. It includes smartphones and computers amid delayed purchases from corporations and consumers affected by economic uncertainty.
As a result, the iPhone maker’s production schedule attracted close attention. Additionally, Samsung Electronics, TSMC, and Foxconn rely on Apple’s business to improve growth and profitability.
In 2018, the Cupertino-based firm decided to stop showing specific shipment numbers to divert attention to its App Store.
