Apple stock closes down 3% on news of Epic rulingSeptember 10, 2021
Apple’s stock price dipped more than 3% at the end of trading Thursday after a mixed ruling was handed down in the Epic v. Apple court case.
Shares of Apple closed down $5.10, or 3.3%, to hit $148.97 at the bell, the stock’s worst performance in months. Trading peaked at $155.48 before suffering a precipitous decline shortly after 11 a.m. Eastern, around the time when news of the Epic case decision broke.In a ruling today, U.S. District Judge Yvonne Gonzalez Rogers found Epic did not demonstrate that Apple’s control of the App Store constitutes a monopoly, but did require tech giant to offer alternative payment methods for in-app purchases. The decision’s wording leaves wiggle room for interpretation and people familiar with Apple’s thinking believe developers will only be allowed to include links to outside payment options, not implement third-party systems in-app, CNET reports.
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