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Eu Antitrust Authorities Fined Qualcomm €997 Million ($1.04 Billion).

June 15, 2022 at 12:28 PM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

By paying Apple to use its processors solely in its iPhones and iPods, the European Union had fined the business for abusing its dominant position in the market.

Since 2011, Qualcomm (NASDAQ: QCOM) has paid billions to Apple (NASDAQ: AAPL) on the condition that it won’t purchase from its competitors. Direct payments were made, not discounts, according to the report.

On Wednesday, the European Court of Justice overturned a judgment by the European Commission.

According to a statement from the court, “the General Court recognizes that several procedural flaws harmed Qualcomm’s rights of defense and invalidate the Commission’s investigation of the behavior claimed against Qualcomm”.

The post Eu Antitrust Authorities Fined Qualcomm €997 Million ($1.04 Billion). appeared first on Best Stocks.

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