Apple faces fine of up to $38 billion

Apple is continuing to face trouble with the European Union (EU) for violating the Digital Markets Act (DMA). If fined, Apple would be the first company to be subject to the EU's new antitrust regulations, according to Bloomberg.

The EU has previously warned Apple against allowing app developers to direct users to deals and offers outside the App Store, and the company is also being investigated for blocking efforts to open an alternative app store in Europe.

It is not yet clear what fine Apple could face, but the rules allow regulators to impose fines of up to 10% of global revenue, rising to 20% for repeat offenders.

Considering Apple's 2023 revenue of $383 billion, that could be as much as $38 billion, which would dwarf the EU's €1.8 billion ($1.93 billion) fine on Apple for abusing its dominant position in the music streaming market, according to Tom's Guide.

The timing of the fine has not been set, but sources predict it could happen before EU Commissioner Margrethe Vestager leaves office at the end of November.

However, the fine could also be delayed while Apple adjusts to comply with European regulations.