Apple Lost $85 Billion After New Epic Games App Store Decision
The lawsuit between Apple and Epic Games recently ended and both sides suffered a heavy blow.
Apple has been ordered to change the way it operates its app store, which is having a serious impact on the company’s bottom line.
Apple’s latest Bloomberg Financial Report puts this loss into perspective.
The Cupertino giant had its biggest sale in months on Friday. The company’s shares fell 3.3%, the biggest drop since the 4th. That gave Apple its first weekly drop in three weeks, but the stock is still above 12% so far this year.
These significant losses came because the court gave Epic Games the injunction it was fighting for. This court order would allow developers of the Apple App Store to use their own payment system for their apps and keep customers away from Apple’s payment systems.
On the other hand, Epic Games was also ordered to pay Apple several million dollars in damages for breach of contract. Indeed, Epic Games introduced its own payment method (V-Dollar) in Fortnite to bypass Apple’s 30% tax on app purchases.
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This originally violated Apple’s rules and a breach of contract between Epic Games and Apple.
Additionally, Epic also couldn’t access Apple’s Fornite as it’s still locked up in the App Store.
Apple has also and will remain suspended from Epic’s developer account from the App Store, as the court ruled that Apple had every right to do so.
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