By Dhirendra Tripathi
Investing.com – Apple (NASDAQ:AAPL) stock is on course to recoup at least some of its Friday losses, a day ahead of a promotional event for its new iPhones.
The stock traded nearly 1% higher in Monday’s premarket after shedding 3.3% in the previous session due to an adverse ruling in the company's dispute against Epic Games, the publisher of Fortnite and other titles. The judge ruled that Apple could no longer prohibit developers from providing links or other communication that direct users away from its in-app purchasing service.
Epic wanted to link back to its own app store on iPhones, which would allow it to duck paying a fee to Apple. The fee is anywhere between 15% and 30% per transaction. The game publisher gave consumers the option to buy Fortnite cheaper directly from its website. Apple removed the game from its store, which eventually led to Epic filing the lawsuit.
Both companies have said they will appeal Friday's ruling, Epic adamant that it didn't go far enough in its critique of Apple.
Attention in the short term is now turning to Apple's annual September event, which will present this year's hardware updates. New versions of the iPhone, the Apple Watch and Airpods are in the list of expected items.
The company is pinning its hopes for this year on the rollout of 5G networks, which Apple hopes will trigger a wave of upgrades to new devices among consumers.
A report in The Wall Street Journal said the new iPhones are “expected to be more evolutionary than revolutionary”.
According to FactSet data, Apple is on pace to sell a record 239 million iPhones in the financial year that ends later this month, a 27% rise from last year.