Apple (AAPL) share price decline has continued Monday, with the stock down 1.5% ahead of the open.
Apple shares (NASDAQ:AAPL) are down 4% in 2024, with an over 5% decline in the last three months. Premarket, the stock is trading around the $176.90 mark.
Today's decline follows news that the European Commission has fined the iPhone maker over €1.8 billion for "abusing its dominant position on the market for the distribution of music streaming apps to iPhone and iPad users (‘iOS users') through its App Store."
In particular, the Commission said it found Apple had applied restrictions on app developers, preventing them from informing iOS users about alternative and cheaper music subscription services available outside of the app (anti-steering provisions). A move that is illegal under EU antitrust rules.
"These anti-steering provisions are neither necessary nor proportionate for the protection of Apple's commercial interests in relation to the App Store on Apple's smart mobile devices and negatively affect the interests of iOS users," said the European Commission.
Responding to the decision, Apple argued the conclusion was reached "despite the Commission’s failure to uncover any credible evidence of consumer harm, and ignores the realities of a market that is thriving, competitive, and growing fast."
The tech giant singled out Spotify as the "primary advocate for this decision — and the biggest beneficiary."
"Today, Spotify has a 56 percent share of Europe’s music streaming market — more than double their closest competitor’s — and pays Apple nothing for the services that have helped make them one of the most recognizable brands in the world," stated Apple.