In this Feb. 5, 2021 photo, an Apple store employee wears personal protective equipment in New York. Big Tech stocks are flexing their enormous strength again, after getting knocked around a bit earlier this year. Apple, Microsoft, Amazon, Google's parent company and Facebook all gave profit reports this week that blew past investors' already high expectations, Friday, April 30.
The federal court case is being brought by Epic Games, maker of the popular video game Fortnite. Epic wants to topple the so-called “walled garden” of the app store, which Apple started building 13 years ago as part of a strategy masterminded by co-founder Steve Jobs. Epic then sued Apple, prompting a courtroom drama that could shed new light on Apple’s management of its app store. Both Apple CEO Tim Cook and Epic CEO Tim Sweeney will testify in a Oakland, California federal courtroom that will be set up to allow for social distancing and will require masks at all times.
Estimates of Apple’s app store revenue range from $15 billion to $18 billion annually. Apple disputes those estimates, although it hasn’t publicly disclosed its own figures. Instead, it has emphasized that it doesn’t collect a cent from 85% of the apps in its store.
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