Apple’s newly appointed chief financial officer disputed claims the iPhone maker enjoys profit margins of about 75 per cent on its App Store as he became the first senior Big Tech executive to testify in a UK class action antitrust trial.
Kevan Parekh told a London court on Thursday it was impossible to accurately determine the standalone profitability of its App Store after it was accused in a lawsuit of abusing a dominant position to extract “exorbitant” returns from the software centre.
The seven-week trial is the first stemming from a wave of UK class action antitrust lawsuits brought against Big Tech. Antitrust lawyers are scrutinising the £1.5bn case in the Competition Appeal Tribunal as they try to gauge the prospects of success for several other antitrust lawsuits against groups including Alphabet, Microsoft and Meta.