Sep. 2 at 11:38 PM
Alphabet, Apple shares pop after judge rules that Google gets to keep Chrome
Shares of Google parent Alphabet
jumped about 8% in after-hours trading after a federal judge ruled Tuesday that Google can keep its Chrome browser, but will be barred from exclusive search deals and must share search data.
The ruling from U.S. District Judge Amit Mehta comes nearly one year after he ruled that Google illegally held a monopoly in internet search. In a landmark case filed in 2020, the U.S. Department of Justice alleged that Google kept its share of the general search market by creating strong barriers to entry and a feedback loop that sustained its dominance.
Apple
shares also rose 3% on the news, as the iPhone maker also faces antitrust scrutiny around its alleged smartphone monopoly. Google pays Apple billions of dollars per year to be the default search engine on iPhones.
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