Videogame stocks soared Friday after a federal judge ruled that Apple Inc. can no longer force app developers to use its payment system, allowing app developers to sidestep the large commissions that the tech giant collects.
The case was brought by Epic Games Inc., known for its “Fortnite” battle royale videogame, against Apple
a little over a year ago. While the Friday ruling allows app developers to collect revenue from in-app purchases directly, it did not declare Apple an antitrust monopolist.
That App Store sidestepping gave investors in videogame-related stocks reason to celebrate with shares of app-monetization company AppLovin Inc.
leading the charge with a more than 10% gain. AppLovin in August said Apple’s crackdown on ad data had a “muted” effect on its business and opted not to raise its outlook following a strong quarter.
Unity Software Inc.
another player in the app-monetization business and also in the game engine space, saw shares rise 3%. In August, analysts had praised Unity’s ability to work around Apple’s attempts to deny user data to app developers.
Meanwhile, shares of Roblox Holding Corp.
rose 4%, and Playtika Holding Corp.
shares rallied 6%. Recently, Playtika said it was acquiring design entertainment company Reworks Oy in a deal valued up to $600 million.