Apple Inc. (AAPL) - Get Apple Inc. Report said Friday that its helped customers download more than 300 million Spotify apps as the tech giant hit back at a complaint from the streaming music service alleging unfair competitive practices.
Spotify Technology SA, maker of the music streaming app, told EU antitrust regulators earlier this week that Apple favored its own music service, to the detriment of rivals, thanks in part to fees it charges other app makers to selling content on its platform and Apple's restrictions on linking to external pages where price promotions can be found.
"After using the App Store for years to dramatically grow their business, Spotify seeks to keep all the benefits of the App Store ecosystem - including the substantial revenue that they draw from the App Store's customers - without making any contributions to that marketplace," Apple said Friday. "At the same time, they distribute the music you love while making ever-smaller contributions to the artists, musicians and songwriters who create it - even going so far as to take these creators to court."
Apple shares were marked 1.45% higher Friday and changing hands at $186.41 each by mid-day, a move that would boost the stock's year-to-date gain to around 18% and value the Cupertino, California-based tech giant at just under $870 billion.
Apple also won a preliminary ruling from the U.S. District Court for the Southern District of California last night after Federal Judge Gonzalo Curiel ruled that Qualcomm Inc. (QCOM) - Get QUALCOMM Incorporated Report owes the tech company nearly $1 billion in rebate payments as part of a complicated -- and ongoing -- legal dispute over the use of Qualcomm chips in Apple iphones.