The European Union is gearing up to impose a hefty fine of approximately 500 million euros ($539 million) on Apple (AAPL.O) for purported violations of EU competition regulations, as reported by the Financial Times on Sunday, citing undisclosed sources.
The anticipated penalty is slated to be formally announced in the early stages of next month, according to the FT’s sources, signaling a significant development in the ongoing scrutiny of Apple’s business practices within the European market.
This move follows the European Commission’s accusations leveled against Apple last year, alleging the tech giant of engaging in anti-competitive behavior within the music streaming sector. The Commission specifically highlighted concerns regarding Apple’s App Store policies, which purportedly curtail competition by restricting developers from informing users about alternative purchasing options.
Despite the looming announcement, both the European Commission and Apple have opted to refrain from providing official statements in response to the Financial Times’ report, maintaining a veil of silence around the impending regulatory action.
The prospective fine underscores the EU’s concerted efforts to uphold fair competition principles within the digital marketplace, signaling a decisive stance against perceived monopolistic practices that could stifle innovation and consumer choice.