Apple’s stock soars after a judge rules in Epic’s favour

Apple’s stock soars after a judge rules in Epic’s favour

U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, issued an injunction, saying Apple can no longer prohibit developers from including links that drive users away from Apple’s store, where the company takes 15% to 30% of gross sales.

Gaming stocks like AppLovin and Zynga soared Friday after a federal judge said Apple can’t force developers to use in-app purchases, an issue that has long been a sticking point for mobile app companies.

The action came in a lawsuit filed by Epic Games, developer of Fortnite.

“This allows for companies to dramatically increase revenues and reduce their cost of goods,” said Dan Burkhart, CEO of Recurly, which processes subscription transactions for app developers. “Gaming companies are certainly going to be one of the most significant beneficiaries of this. Streaming media, entertainment and publishing — these categories are all going to greatly benefit.”

Shares of AppLovin, which owns several game studios, closed up 8.85%, while mobile game developer Zynga rose 6.28%. Playtika, an Israeli game company that has had numerous popular iOS apps, jumped 6.08% and Roblox, a gaming app for kids, closed up 1.77%.

In recent weeks, Apple has made several changes to its App Store rules, enabling some companies to access lower commission rates or avoid mandatory 15% to 30% cuts. Earlier this month, the company said that content subscription apps could provide a link out to their website, enabling the developers to better convert potential iPhone customers to subscribers.

 

The News Highlights

  • Apple’s stock soars after a judge rules in Epic’s favour
  • Check the latest update on Gaming news
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Indian Medical Group Uses Eka Care for an Online Health Platform
Indian Medical Group Uses Eka Care for an Online Health Platform
It will also help them with appointments, listings on Google and SEO. Doctors are enjoined to become part of Eka Care’s local network.  According to a news ...
Nickelodeon All-Star Brawl Is Looking Like a Serious Rival to Super Smash Bros
Nickelodeon All-Star Brawl Is Looking Like a Serious Rival to Super Smash Bros
What could have easily been a quick cash grab from one of the biggest animation franchises in the world is shaping up to be more than just a clone of ...
The kindergarten thief is foiled by a storytelling box
The kindergarten thief is foiled by a storytelling box
Police said Tuesday that the 44-year-old suspect had stolen various items during a break-in at a kindergarten in the western town of Halver in April. BERLIN ...
Immokalee business owner sustains culture alive with Lozano’s Mexican Restaurant
Immokalee business owner sustains culture alive with Lozano’s Mexican Restaurant
“We rise up at 4:30 within the morning,” stated Gonzalez. “We begin making ready our rice, beans, corn tortillas. We begin cooking.” Lozano’s Mexican ...
Hotel accommodation for the homeless will continue for 30 days for some
Hotel accommodation for the homeless will continue for 30 days for some
Scott said Tuesday during his weekly virus briefing that he thought it was a good idea to push back the end of the extension for 30 days. “We’re going to ...
In India, the Realme XT will receive an Android 11-based Realme UI 2.0 update with three dark modes, tone tones, app lock, and more
In India, the Realme XT will receive an Android 11-based Realme UI 2.0 update with three dark modes, tone tones, app lock, and more
Realme UI 2.0 update for Realme XT: Changelog The update for Realme XT was announced via a community blog post. As per the changelog, Realme UI 2.0 will ...
Inside the $ 7 billion merger of Sequoia Financial and Wealthstone Advisors
McDonald’s Begins Eliminating Plastic Toys at Happy Meals
Already in the United Kingdom and Ireland, McDonald’s restaurants are only offering soft toys, paper-based toys or books. Burger King removed plastic toys ...
Apple now has a Human Touch by Ted Lasso
Apple now has a Human Touch by Ted Lasso
The premium products company prizes itself on the coolness and sophistication of its hardware, so it was strange to see it lauding the success today of an ...
Season 8 XP in Fortnite is being fixed
Season 8 XP in Fortnite is being fixed
Impostors Mode was one of the best ways to acquire lots of XP quickly. This was useful with the new battle pass mechanic which debuted in Season 7. Fortnite ...
Here’s how to join WhatsApp’s Android multi-device beta
Here’s how to join WhatsApp’s Android multi-device beta
WhatsApp rolled out the multi-device feature for beta version users in July. According to our testing, corroborated by a report from the WhatsApp beta ...
Show next
Compsmag - Latest News from tech, business and health
Logo