App Stores Face Legal Woes
Google’s proposal comes amid ongoing legal battles with Epic Games and other companies over its app store policies. In October, the U.S. Supreme Court refused to block a lower court order requiring Google to overhaul its Play Store, marking a significant win for Epic Games. This proposal could be a step towards resolving these disputes.
Meanwhile, Apple has been facing its own legal challenges over its app store fees. In October, the U.K. Competition Appeal Tribunal ruled against Apple, accusing the tech giant of “abusing its dominant position by charging app developers an unfair 30% commission through its app store.” The iPhone maker is also embroiled in a continuing dispute with Epic, which earlier this year compelled the iPhone maker—through similar court rulings—to reinstate Fortnite on the App Store and allow alternative payment options.
Google’s Strong Earnings
Google’s parent company, Alphabet, has been experiencing a significant stock rally, with shares rising nearly 5% to 6 in October.
This rally follows a blockbuster third-quarter report and increasing analyst confidence in Alphabet’s AI momentum. The company also reported a record 0 billion revenue quarter, signaling that its aggressive “full stack” approach to AI is translating into significant financial gains across its core businesses.
Over the past six months, Alphabet stock has rallied 67.46%. On Tuesday, it closed over 2% lower at 8.06 amid a broader sell-off in AI-related stocks.
Benzinga’s Edge Rankings place Alphabet in the 86th percentile for quality and the 90th percentile for momentum, reflecting its strong performance in both areas. Check the detailed report here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
