Alphabet Stock Hits All-Time High After Judge Issues Ruling In Antitrust Case
Alphabet Inc's stock reached an all-time high after a U.S. judge ruled that Google does not need to divest its Android operating system or Google Chrome in an antitrust case. The ruling, which concluded a five-year legal battle, stated that the plaintiffs overreached in their demands. Additionally, Google will continue its payments to Apple for preloading its products. Despite a requirement to share data with competitors, Alphabet shares rose 7.57% in after-hours trading, reaching $228.
Alphabet Inc GOOG shares are hitting new all-time highs in Tuesday’s after-hours session after a U.S. judge issued a sealed decision in the Google online search monopoly case.
What Happened: U.S. District Judge Amit Mehta on Tuesday ruled Google will not be required to divest its Android operating system or sell off Google Chrome, per Reuters.
“Google will not be required to divest Chrome; nor will the court include a contingent divestiture of the Android operating system in the final judgment … Plaintiffs overreached in seeking forced divesture of these key assets,” Mehta wrote in the decision.
The ruling comes after a five-year legal battle between Alphabet and the U.S. in which a district judge ruled last year that Google held an illegal monopoly in its Search business.
Apple Inc AAPL shares were also moving higher in extended trading, last up about 3.7%, after Mehta ruled that Google will not have to cease payments to Apple for preloading Google products.
The positive rulings appear to be overshadowing a ruling that Google will now have to share data with competitors to create more room for competition in online search. The company previously said it would appeal such a ruling, as Google believes it would allow competitors to reverse-engineer its technology.
GOOG Price Action: Alphabet shares were up 7.57% in after-hours, trading at $228 at the time of publication on Tuesday.
