Apple fails to comply with a Dutch order

Tech giant Apple Inc. ,NASDAQ: AAPLAnother fine related to payment modes for dating apps in the Netherlands may have to be faced again, Reuters Reported.

Dutch antitrust watchdog, the Authority for Consumers and Markets (ACM), accused the tech company of not fully complying with Dutch rule. The order mandated that Apple allow external payments within its App Store’s apps.

The iPhone maker has paid 45 million ($49 million) in fines since January, after ACM fined 5 million weekly for non-compliance.

According to ACM rules, if the fine amount exceeds 50 million, the company may face additional charges. As a result, Apple has submitted a revised proposal, which again seems to have not fully complied with the Dutch rule, according to the source.

Apple, which instructed dating app developers to use its in-app payment system exclusively and charged a commission of 15%-30% on purchases, has not issued any comment.

Wall Street’s Tech

Recently, with a bullish stance on Apple, JP Morgan analyst Samik Chatterjee maintained a buy rating on Apple and a price target of $210 (20.19% upside potential).

Apple shares are up 44.79% over the past year, while the stock still enjoys a strong buy consensus rating based on 23 buys and five holds. Average Apple price target of $193.36 is 10.67% with potential upside from current levels.

investor knowledge

The TipRanks Stock Investors Tool shows that investors currently have a very positive stance on Apple, with 1.2% of investors maintaining a portfolio at TipRank by increasing their exposure to AAPL stock over the past 30 days.

Download TipRank mobile app Now

To find great ideas for trading stocks at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that aggregates all of TipRank’s equity insights.

Read full disclaimer and disclosure

Related news:
Pfizer receives FDA breakthrough therapy designation for RSVpreF
BP expected to sell shut-down North Sea oilfield
GameStop jumps 14.5% on Cohen stake increase

Source