{"id":22796,"date":"2020-11-23T00:16:40","date_gmt":"2020-11-23T00:16:40","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=22796"},"modified":"2021-02-19T04:14:49","modified_gmt":"2021-02-19T04:14:49","slug":"epic-v-apple-aapl","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2020\/11\/23\/epic-v-apple-aapl\/","title":{"rendered":"Epic v. Apple (AAPL)"},"content":{"rendered":"

\"Apple<\/p>\n

If Fortnite-maker Epic Games’ Australian legal challenge against Apple is successful, the tech giant may be forced to loosen its grip on its valuable mobile app ecosystem, with Epic arguing that competition law obliges Apple to allow rival stores and payment processing mechanisms on its devices.<\/p>\n

Currently, the Apple-controlled App Store is the only way to get apps to consumers on iPhones, which make up more than half of all in-use smartphones in Australia. And all payments for digital goods, in-app purchases and subscriptions must use Apple’s payment mechanism, from which, in most cases, Apple takes a 30 per cent commission.<\/p><\/blockquote>\n

\"ACCC:
\nACCC chair Rod Sims<\/em><\/p>\n

Australian Competition and Consumer Commission chair Rod Sims said the Epic case was a well-timed test of the current competition laws, which were recently revised to better prevent misuses of market power<\/p>\n

“Apple, as one of the two main app stores, is in a very strong position. It would seem like they have quite a lot of market power and can set the terms and conditions under which various apps operate,” Sims said. (from Tim Biggs at The Age<\/a>)<\/p><\/blockquote>\n

Epic Games lawsuit<\/h2>\n

Epic Games filed suit against Apple in the US District Court for the Northern District of California, on August 2020, challenging Apple’s restrictions on apps from having other in-app purchasing methods outside of the App Store. Founder Tim Sweeney had previously challenged the 30% revenue cut that Apple takes on each purchase made in the App Store. Epic made changes in Fortnite<\/i> intentionally to bypass the App Store payment system, prompting Apple to block the game from the App Store and leading to the Epic lawsuit.<\/p>\n

Epic also filed another lawsuit against Google (GOOGL) the same day, which challenges Google’s similar practices on the Google Play app store for Android, after Google pulled Fortnite<\/i> following the same update. (Wikipedia<\/a>)<\/p>\n

Apple Segments<\/h2>\n

\"Apple<\/p>\n

Services only account for 20% of revenue (FY20) but gross margins (66.0%) are more than double that of products (31.5%). The contribution towards overall operating profit of $66.3 billion is likely to be disproportionately high.<\/p>\n

Conclusion<\/h2>\n

Apple would take a significant profit hit if its monopoly hold over app registration (via its App store) and processing of digital payments was removed. The company is already backing off from its former uncompromising stance, offering to halve commissions on sales via the App store (including In-App purchases), but only for developers with sales of less than $1 million. Allowing free competition from competing app stores and digital payment processors would compress margins even further.<\/p>\n

Disclosure<\/h4>\n

Staff of The Patient Investor do not directly or indirectly own shares in the above company.<\/p>\n","protected":false},"excerpt":{"rendered":"

If Fortnite-maker Epic Games’ Australian legal challenge against Apple is successful, the tech giant may be forced to loosen its grip on its valuable mobile app ecosystem, with Epic arguing that competition law obliges Apple to allow rival stores and payment processing mechanisms on its devices. Currently, the Apple-controlled App Store is the only way … <\/p>\n

Continue reading “Epic v. Apple (AAPL)”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3803],"tags":[107,3841,4002,4593,4591,4592],"class_list":["post-22796","post","type-post","status-publish","format-standard","hentry","category-international-growth","tag-aapl","tag-accc","tag-apple-inc","tag-gross-margins","tag-monopoly-power","tag-segments"],"yoast_head":"\nEpic v. Apple (AAPL) - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Epic v. 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But is that due to solid operating performance or window-dressing, with almost $140 billion of stock buybacks in the last two years? Free cash flow \u2014 operating cash flow less stock compensation and investment in\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4196,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/04\/23\/apple-aapl-correction\/","url_meta":{"origin":22796,"position":2},"title":"Apple AAPL correction","author":"Colin Twiggs","date":"April 23, 2012","format":false,"excerpt":"Apple with its massive market capitalization holds significant sway over the Nasdaq 100. Its monthly chart reflects a strong bull trend, with 63-day Twiggs Momentum holding above zero since early 2009, before a massive 50%+ gain over the last 3 months. Bearish divergence on 13-week Twiggs Money Flow warned of\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18597,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/01\/apple-inc-aapl-buybacks-dont-help\/","url_meta":{"origin":22796,"position":3},"title":"Apple Inc. (AAPL) – window dressing with buybacks","author":"Colin Twiggs","date":"August 1, 2019","format":false,"excerpt":"Apple (AAPL) is a notable omission in my international model portfolio. Here is one of the reasons. Michael Santoli at CNBC reports that Apple's sales and earnings over the past 4 years are essentially flat. The only metric that has improved is earnings per share (EPS) because of stock buybacks.\u2026","rel":"","context":"In "International Growth"","block_context":{"text":"International Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20478,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/05\/07\/apple-inc-aapl-2\/","url_meta":{"origin":22796,"position":4},"title":"Apple Inc (AAPL)","author":"Colin Twiggs","date":"May 7, 2020","format":false,"excerpt":"Stock: Apple Inc Exchange: NASDAQ Symbol: AAPL Date: 7-May-20 Latest price: $300.63 Market Cap: $1.3 Tn Fair Value: $181.52 Forward P\/E: 25.06 FV Payback (Years): 11 Forward Dividend Yield: 1.10% Debt\/FCF: 2.1 Financial Y\/E: 28-Sep-20 Rating: HOLD Sector: Technology Industry: Consumer Electronics Investment Theme: LT Growth Structural Trends: Growth of\u2026","rel":"","context":"In "International Growth"","block_context":{"text":"International Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17870,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/02\/12\/apple-inc-aapl\/","url_meta":{"origin":22796,"position":5},"title":"Apple Inc. (AAPL)","author":"Colin Twiggs","date":"February 12, 2019","format":false,"excerpt":"Apple (AAPL) is a notable omission in my international model portfolio. There are several reasons. First, sales growth has been declining for several years. Second, Apple is vulnerable if there is a US-China trade war. Greater China represents almost 25% of projected sales and imposition of tariffs or other trade\u2026","rel":"","context":"In "International Growth"","block_context":{"text":"International Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/international-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/22796","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=22796"}],"version-history":[{"count":8,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/22796\/revisions"}],"predecessor-version":[{"id":24166,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/22796\/revisions\/24166"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=22796"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=22796"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=22796"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}