Apple was one of the stars on Wall Street yesterday. The tech group has already been in the spotlight as the company approaches a market value of $3,000 billion, but investors also received good news from the courtroom.
There, Apple was granted a postponement of an amendment to its App Store rules, as long as an appeal is pending. That adjustment could have cost Apple a lot of money.
Apple has been granted permission on appeal to leave the rules of its App Store as they are for the time being, as long as the so-called Fortnite lawsuit is pending. In September, a California court ruled that Apple had to amend the store’s terms by pointing out that users can purchase cheaper subscriptions outside of the App Store. Apple charges a hefty commission on both apps and subscriptions through the App Store, bringing the company about $6.3 billion in the past year alone.
In the summer of 2020, Epic Games, the maker of the popular Fortnite and many other games, went into battle with Apple’s rules by introducing its own payment method in Fortnite. Apple then decided to withdraw the game from the App Store, after which Epic Games went to court. According to experts, Apple’s appeal could turn into a drawn-out lawsuit.
The postponement of the new App Store rules of the game did not harm Apple on Wall Street. On the contrary, the fruit brand was the first to pass the $1 trillion mark in 2018, and the company was the first to be worth more than $2 trillion in 2020. At a valuation of $3 trillion, the tech group is worth more than all the companies on the German stock exchange or the entire British economy, according to Bloomberg news agency. With an increase of 2.3 percent, the market value now stands at 2.87 trillion dollars.