US EditionGoogle stock jumps 8% after search giant avoids worst-case penalties in antitrust case
U.S. District Judge Amit Mehta barred Google's exclusive search contracts to enhance competition but allowed the company to retain Chrome, a decision affecting billions in annual payments to partners.
- On Tuesday, US District Judge Amit Mehta ruled that Google need not sell its Chrome web browser or Android operating system but must end exclusive deals and share search data with rivals.
- The DOJ filed its case on Jan. 24, 2023, alleging Google used exclusive deals and billions in payments to Apple Inc. and Samsung to lock in search dominance.
- Alphabet shares jumped 8% in extended trading after the ruling, preserving a $20 billion annual payments stream to Apple Inc. and maintaining Chrome's over 60% global browser market share.
- The ruling bars new exclusivity deals, allows Google to pay distribution partners for placement without exclusivity, and the U.S. Department of Justice called it a partial victory while considering next steps.
- Over the coming months, Judge Mehta's order will take effect, influenced by generative AI, potentially disrupting Google's revenue and triggering a lengthy U.S. appellate process.
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U.S. stocks close mixed after Google avoids worst-case penalties
NEW YORK, Sept. 3 (Xinhua) -- U.S. stocks finished mixed on Wednesday as a favorable antitrust ruling boosted Big Tech shares while new labor market data fueled expectations for a September rate cut by the Federal Reserve. Read full story
Google wins antitrust war but loses exclusive search deals - Tech Startups
Google just won the antitrust war. The tech giant will not be forced to break up its search business, but a federal judge instead ordered targeted changes to curb anticompetitive practices. After years of legal battles in Washington, Google emerges […] The post Google wins antitrust war but loses exclusive search deals first appeared on Tech Startups.
US authorities wanted to dismantle Google's search and advertising monopoly, and the Justice Department ruled that the tech giant must sell Chrome. However, a US judge ruled on Tuesday that Google does not have to sell its web browser.
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