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After Epic Games executed what looked like an end run around Apple (AAPL +1.9%) App Store policies, by implementing its own in-app payments, Apple has removed Epic’s flagship game Fortnite from the store.
Apple tells The Verge it’s hoping to work with Epic but that has no intention of creating a “special arrangement.”
“Epic enabled a feature in its app which was not reviewed or approved by Apple, and they did so with the express intent of violating the App Store guidelines regarding in-app payments that apply to every developer who sells digital goods or services,” Apple says.
Epic had seemed to egg Apple on by touting cheaper prices via its own payment system, and pledging to pass savings to consumers if Apple changed its typical 30% cut (an app-store system against which Epic CEO Tim Sweeney has repeatedly railed).
The move follows closely on Apple’s actions against cloud gaming services like xCloud and Google’s Stadia, saying they violate its guidelines as well.
And it comes while Apple and other tech giants are in the middle of heavily regulatory scrutiny over antitrust issues.
Epic Games is majority owned by Sweeney, with 40% owned by Tencent (TCEHY -4.2%), now hitting session lows.
From the lawsuit: “Epic is not seeking monetary compensation from this Court for the injuries it has suffered … Instead … to allow fair competition in these two key markets that directly affect hundreds of millions of consumers and tens of thousands, if not more, of third-party app developers.”
More: “But for Apple’s illegal restraints, Epic would provide a competing app store on iOS devices, which would allow iOS users to download apps in an innovative, curated store and would provide users the choice to use Epic’s or another third-party’s in-app payment processing tool.”
Baidu (NASDAQ:BIDU): Q2 Non-GAAP EPS of $2.08 beats by $0.66; GAAP EPS of $1.46 beats by $0.57.
Revenue of $3.69B (-1% Y/Y) misses by $30M.
Adj. EBITDA of $993M, Adj. EBITDA margin 27%.
New Upward Trend Could Help Baidu With Earnings Looming, writes Rick Pendergraft.
“The healthy growth of Baidu App and new AI businesses have enabled Baidu Core’s adjusted EBITDA margin to reach 41% in the second quarter. We plan to continue heavy investments in technology to maximize Baidu’s future growth potential,” said said Herman Yu, CFO.
Shares +3.9%.
JD.com (NASDAQ:JD) has a definitive deal to take controlling interest in Kuayue-Express Group, the express transportation company.
JD’s unit Jingdong Express Group – JD Logistics – will take the controlling stake for 3B yuan, through a combination of acquiring existing shares and subscribing for newly issued Kuayue shares.
“Kuayue Express is a reliable delivery services provider and industry leader in express courier services with innovative technology and advanced operations,” says JD Logistics CEO Zhenhui Wang. “Collaborating with Kuayue Express advances our integrated supply chain management, technology initiatives and service expansion to third party merchants.”
The deal’s expected to close in Q3.
Apple (NASDAQ:AAPL) as soon as Monday could be launching its first discounted bundle offering for video, reports Bloomberg, with sources saying the company will offer CBS All Access (NASDAQ:VIAC) and Showtime with its TV+ streaming service for $9.99 per month. That compares to the usual costs of $9.99/month for CBS and $10.99 for Showtime.
Viacom is adding to the day’s gains on the news, now up 1.5%.
While Apple TV+ has had some decent shows, it’s still far behind players like Netflix and Amazon in the volume of content and number of subscribers. This move will hopefully create more interest in the offering and boost usage of Apple TV Channels – which lets users subscribe to third-party content through Apple devices.
Earlier today, Bloomberg reported on Apple’s plans for Services bundles that could also package in Music, News+, and Arcade.
Apple (NASDAQ:AAPL) will sell $5.5B of bonds in four parts, according to a Bloomberg source.
The longest maturity (40-year security) will yield 118 basis points above Treasuries.
Amazon and Alphabet recently priced at 130 and 108 basis points above Treasuries, respectively.
Apple will use the money for buybacks, dividends, and general corporate purposes.
In May, Apple tapped the bond markets for $8.5B.
