Google (GOOGL) Payments to Apple (AAPL) in Jeopardy After Antitrust Ruling
Aug 06, 2024 - news.bensbites.com
Google's loss in an antitrust lawsuit filed by the Justice Department has negatively impacted its partner, Apple Inc., which earns approximately $20 billion annually from the internet search giant. The ruling caused Apple's shares to drop nearly 5% on Monday, as the judge declared Google's payments to device manufacturers for prioritizing its search engine as illegal.
This ruling marks a significant victory for the Justice Department, representing its first major antitrust case against Big Tech in over twenty years. The decision could potentially disrupt Apple's substantial revenue stream from Google.
Key takeaways:
Google lost an antitrust suit filed by the Justice Department, casting a shadow over its partner, Apple Inc.
Apple generates approximately $20 billion a year from payments from Google.
Apple shares fell nearly 5% after a judge ruled Google's payments to device makers for preferential placement of its search engine were illegal.
The Justice Department won its first major antitrust case against Big Tech in over two decades.
