Apple Shares Slide As DoJ Partners With State AGs On Sweeping Antitrust Probe

Apple Shares Slide As DoJ Partners With State AGs On Sweeping Antitrust Probe

One day after Apple’s latest developers conference left millions disappointed and added to the headaches of CEO Tim Cook, Politico reported Tuesday that the DoJ in partnership with several states attorneys general are bringing an anti-trust probe against the consumer tech giant over alleged abuses of its app store – mirroring complaints brought by the European Commission’s anti-trust regulator.

The news sent Apple shares moving even lower in pre-market trade.

Of course, this is hardly the only bad news facing the Cupertino-based behemoth. The company’s shares took a hit the other day when it decided to close stores in some of the worst-hit US states, sparking fears of a second wave. Plus, news that the European Union’s anti-trust regulator was targeting the company over its app store and its apple pay service – two cornerstones of Apple’s plan to rely on long-term revenue growth from its services business as long-term sales of handsets are expected to plateau, even as some analysts claim the company could benefit from a massive wave of upgrades as 5G is rolled out in the next generation of phones.

 

 

 

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