Apple Current Affairs - 2019

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Alphabet Inc overtakes Apple as world’s most valuable company

Alphabet Inc., the parent company of Google has overtaken Apple as s most valuable company in the world.

Alphabet has made a profit of $4.9 billion in the fourth quarter and was valued at 548 billion dollars followed by Apple which was valued 534 billion dollars.

The core Google businesses was largest contributor to had revenues of Alphabet which has reported revenues worth 74.5 billion dollars in 2015 and had made a profit of 23.4 billion dollars.

Earlier in 2012, Apple had overtooken Exxon Mobil to become the most valuable company in the world and in 2015 Apple became the first company to reach a market value of $700 billion.

Alphabet Inc: It came in existence in October 2015, after search engine giant Google had announced Alphabet as its parent company. It was formed as part of Google’s new organisational structure. The parent company encompass all other earlier subsidiaries and products of Google under its umbrella.

Apple Inc fined $553 million for patent infringement

US Tech giant Apple Inc has been fined $553 million for three patent infringements owned by patent licensing firm Smartflash LLC.

This verdict was given by federal Jury in US District Court for the Eastern District of Texas. The Jury in its verdict found out that Apple Inc’s iTunes software has infringed three patents owned by Smartflash LLC.

The federal jury in its verdict also held that Apple had not only used Smartflash’s patents without permission, but also used them willfully.

Background

In May 2013, Smartflash LLC had sued Apple Inc, alleging that iTunes software has violated its 3 patents related to accessing and storing downloaded songs, videos and games. In this regard, Smartflash LLC had asked $852 million in damages from Apple.