Instead of a week of profits, mere days of net income for Cook
€1.1 billion fine levied against Apple by French authorities has been cut by two-thirds to just €372 million ($363 million) – an even more paltry sum for the world’s first company to surpass $3 trillion in market valuation.
The three-comma invoice was submitted to the iPhone giant in 2020 by France’s antitrust body, the Autorité de la Concurrence. Yesterday an appeals court reportedly tossed out the price-fixing charge in that legal spat as well as reducing the time scope of remaining charges and lowering the fine calculation rate.
The case goes back to 2012. Apple was accused of conspiring with Tech Data and Ingram Micro to fix the prices of some Apple devices (that’s the dropped charge) as well as abusing its power over resellers by limiting product supplies, thus pushing fans into Apple retail stores.
Tech Data and Ingram Micro were also fined, and have since had their totals reduced as well.
Both sides plan to appeal the decision, with Apple and the Autorité both telling Bloomberg they were unhappy with the outcome. In Apple’s case, it plans to file an appeal with France’s highest court to completely nullify the fine, a spokesperson said.
The Autorité, on the other hand, isn’t happy that the fine was reduced. “We would like to reaffirm our desire to guarantee the dissuasive nature of our penalties,” an Autorité spokesperson said, adding that desire especially applies to market players at the level of Apple.