Why Investors Cranked Spotify Stock Higher Today
A report indicated that the companies behind popular mobile apps helped push Spotify (NYSE: SPOT) stock higher on Tuesday. The share price of the music service operator, whose app is enduringly popular on mobile platforms, rose by 1.5% on the day, more than double the percentage rate gain of the S&P 500 index.
In an article published this mid-afternoon and updated shortly before market close, Bloomberg wrote that Apple (NASDAQ: AAPL) is gearing up to allow third-party app stores on its devices. Citing "people familiar with the matter," the news agency said this is being done as part of a wider effort by Apple to comply with upcoming changes in the European Union's Digital Markets Act.
Currently, Apple has a tight grip on its App Store. It is the only company-authorized channel through which iPhone and iPad users can buy and download apps. Third-party developers have complained vociferously at times about this, with some characterizing it as a monopolistic practice. The tech giant has also come under fire for charging a standard, rather hefty 30% fee for every sale effected through the platform.
Source Fool.com
