The European Commission fined Apple 500 million euros (about $566 million) and Meta 200 million euros (about $226 million) Wednesday (April 23), saying the companies violated the Digital Markets Act (DMA).
Apple Inc (NASDAQ:AAPL, ETR:APC) will report its fiscal second quarter earnings next week, with investors focused on management commentary about how the company is navigating new US tariffs. The Trump administration's tariffs, notably those on China, could see the iPhone maker raise its prices or deploy other cost-mitigation strategies.
European Union watchdogs fined Apple and Meta hundreds of millions of euros Wednesday as they stepped up enforcement of the 27-nation bloc's digital competition rules.
The European Union fined Apple $570 million and Meta $228 million for violating the Digital Markets Act, a piece of legislation aimed at curbing Big Tech.
Apple (AAPL) shares have outperformed the S&P 500 over the past week, falling just 1% compared to the index???s 2.3% decline.
The European Union has fined Apple €500 million (about $568 million) and Meta €200 million (about $227 million) for allegedly breaching the bloc's Digital Markets Act, according to The Wall Street Journal.
The European Commission has demanded that the two tech companies give people more scope to decide how their data is used and better access to deals.
Apple (AAPL 3.43%), the world's largest company, fell alongside most other stocks during this month's market downturn. It's around 23% off its all-time high, which is likely causing many investors to question whether now is a good time to buy the stock.
EU antitrust regulators fined Apple $570 million for preventing app makers from pointing users to cheaper options outside its App Store.
Apple and Meta have been fined millions of euros by the EU for breaking digital competition rules.
Apple received a 500 million euros ($571.3 million) penalty on Wednesday while Facebook-owner Meta was fined €200 million, both for breaches of the EU's Digital Markets Act.
Apple fined $571 million and Meta $228 million for breaching European Union antitrust rules