Apple Stock Is Falling Monday: What's Going On?

Apple Inc AAPL shares are trading lower. The tech giant was hit with a hefty fine on Monday for preventing music streaming services from informing users of alternative payment methods.

What To Know: The European Commission fined Apple more than 1.8 billion euros ($1.95 billion) on Monday for preventing Spotify Technology S.A. SPOT and other streaming platforms from sharing payment options outside of Apple’s App Store, per Reuters.

“For a decade, Apple abused its dominant position in the market for the distribution of music streaming apps through the App Store,” EU antitrust chief Margrethe Vestager reportedly said in a statement.

“They did so by restricting developers from informing consumers about alternative, cheaper music services available outside of the Apple ecosystem. This is illegal under EU antitrust rules.”

The EU regulator determined that Apple’s restrictions constituted unfair trading conditions. The decision comes after Spotify complained about Apple’s restrictions and 30% App Store fees in 2019. Apple has already said it plans to challenge the ruling.

“The decision 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,” Apple reportedly said in a statement.

See Also: An Apple First? Tech Watcher Says New Mac, iPad And More Coming But Without Launch Event

What Else: Apple on Monday also unveiled its new 13- and 15-inch MacBook Air models with the M3 chip.

The new models are expected to be up to 60% faster than the models with the M1 chips and up to 13 times faster than the fastest Intel-based MacBook Air. The company said the MacBook Air continues to be the world’s best consumer laptop for AI. 

The new MacBook Air models will be available beginning Friday. The 13-inch MacBook Air model starts at $1,099 and the 15-inch model starts at $1,299. It’s worth noting that Apple has been battling sales declines for its MacBooks in recent quarters.

AAPL Price Action: Apple shares were down 2.64% at $174.90 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Apple.