Newly-appointed Apple CFO denies 75% App Store profit claim in UK trial

Apple’s Chief Financial Officer, Kevan Parekh, has testified at a UK trial, disputing claims by the prosecution that the company has a 75 percent profit margin on its App Store for iPhone and iPad.

The seven-week trial happening in London is likely to the be the first case in a series of attacks on various Big Tech companies and their various paid services or app stores. The case is being heard by the UK’s Competition Appeal Tribunal.

Antitrust and consumer advocates in the case say that because the iPhone and iPad app stores are the only authorized outlets for obtaining apps and services on those platforms, they constitute a monopoly. The lawsuit, filed on behalf of 20 million UK Apple users, says that this monopoly allows Apple to charge a standard 30 percent commission, leading to inflated costs for consumers.

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Source: AppleInsider News