Apple had a sharp fall in shares last Friday (10), after the disclosure of the result of the legal dispute against Epic Games. The reason for the move would be the court-ordered change in the way the company operates the App Store.
After shares fell 3.3%, the biggest drop since May 4, the company lost around US$85 billion in market value (equivalent to R$443.2 billion). The devaluation is greater than all the members of the S&P 500 Index, with the exception of 98 companies.
After an extensive court battle, Judge Yvonne Gonzalez granted the injunction requested by Epic Games. Now developers will be able to advise consumers on payment methods outside of iOS device apps.
As a result, Apple will be forced to make a major change to the App Store in the next 90 days. Experts believe that the changes could harm the platform’s profitability, which would have directly reflected in Apple’s actions.
On the other hand, the Cupertino company will receive compensation from the Fortnite developer for breach of contract. According to the information, the value would be close to US$ 3.5 million (about R$ 18.2 million).
Influence on the S&P 500 Index
According to Bloomberg, the S&P 500 Index fell 0.8% last Friday. Even keeping the market value above $2.4 trillion, Apple was responsible for about a quarter of the benchmark’s decline.
The recent slump in stocks was also big tech’s first weekly decline in three weeks. However, bonds continue to rise more than 12% so far in 2021.