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US sues Apple in iPhone monopoly case

The U.S. Department of Justice has sued Apple, accusing the tech giant of illegally maintaining a monopoly for its iPhone by stifling competition and imposing exorbitant costs on consumers.

The lawsuit, also brought by multiple U.S. states, said Apple raked in hundreds of billions of dollars by allegedly making it difficult for consumers to switch to cheaper smartphones and devices.

Apple sales lose ground, but iPhone growth strong

Apple has reported that sales fell for the fourth consecutive quarter when compared to the prior year, but profit rose on the back iPhones and services.

The tech giant made a profit of $23 billion on revenue of $89.5 billion, which was down slightly from the same period last year.

Apple chief executive Tim Cook said iPhone sales set a new record for its September quarter.

Amazon and Apple beat earnings forecasts

Amazon and Apple have reported earnings that topped market expectations, aiming for even better days ahead with the help of artificial intelligence (AI).

"Inside Amazon, every one of our teams is working on building generative AI applications that reinvent and enhance their customers' experience," chief executive Andy Jassy said during an earnings call.

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