Apple shares down after report reveals planned DOJ antitrust probe
Apple shares took a hit after it was reported that the US Justice Department planned to investigate the company for “anti-competitive behavior,” part of a broader antitrust probe looking at big tech firms.
The stock dropped nearly 2 percent following the report at Reuters.
Other large technology firms have taken similar blows recently, with the Federal Trade Commission announcing a probe into Facebook’s competitive practices earlier Monday, while the DOJ said it was preparing to take a closer look at Google, sending parent company Alphabet’s shares down more than 7 percent.
An antitrust case could result in new restrictions on Apple’s behavior in the marketplace or, in a worst case scenario, the outright dismemberment of the company into smaller firms.
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Amazon, too, has come under greater scrutiny from American regulators, according to the Washington Post.
The report comes as Apple unveils a new operating system for its mobile devices, iOS 13.
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