The suit accuses Apple of violating antitrust laws and stifling competition by preventing rivals from accessing hardware and software features on its popular devices. This development has shaken investor confidence and cast a shadow over the company's previously reliable service growth.
Key takeaways:
- Apple Inc. investors have long relied on the company's services growth despite fluctuating trends in major product categories.
- The outlook for Apple's services business is now considered unstable.
- Apple's shares experienced their biggest drop since August on a recent Thursday.
- The U.S. Justice Department has filed a lawsuit against Apple, accusing it of antitrust violations and suppressing competition by preventing rivals from accessing its hardware and software features.