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.
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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