Google Stock (NASDAQ:GOOGL)
Alphabet subsidiary Google (NASDAQ:GOOGL) has revealed in a regulatory filing that the EU is conducting an antitrust investigation into the Google Play Store, which may result in a punishment of up to a billion euros for the U.S. technology giant. As a result, Google stock declined.
Google has paid 8.25 billion euros ($8.24 billion) in EU antitrust penalties from three separate probes into the company’s business operations over the last decade.
According to Google’s quarterly financial statement from October 25th, “in May 2022, the EC (European Commission) and the CMA (Britain’s Competition and Markets Authority) both launched a formal inquiry into Google Play’s business operations.”
The EU agency charged with monitoring antitrust violations had no reaction.
According to two sources cited by Reuters in August, EU antitrust investigators are looking into whether Google’s threat to remove applications from its Play Store if app developers use alternative payment systems instead of its billing system has harmed the developers.
Developers have complained about the high prices at Google Play and the App Store by Apple (NASDAQ:AAPL).
On Thursday, Google said it will appeal the lower tribunal’s dismissal of its challenge to the record 4.1 billion euro EU antitrust penalties to Europe’s highest court.
The General Court in Luxembourg upheld the Commission’s 2018 ruling but reduced the sentence from 4.34 to 4.125 billion euros.
A European Union competition authority found that Google had illegally restricted Android mobile device makers and mobile network operators to cement its dominant search engine position, and a judge agreed.
“Currently, we are working on our appeal. The Court’s Deadline Is December 1st, “According to a Google representative.
Regarding legal issues, the corporation has just one possible venue: the European Union Court of Justice in Luxembourg.
New historic digital laws limiting internet gatekeepers, firms that restrict access to their platforms and the data there, will be implemented in the first quarter of 2024, giving the bloc more clout in the fight against monopolies.
Featured Image- Pexels @ Caio
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