Apple Inc

Apple Ordered to Pay $553 Million

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.

Apple Inc. becomes first company worth over $700 bn in global corporate history

US technology giant Apple Inc. became the first company to reach a market value of $700 billion. Earlier in January 2015, Apple Inc had recorded highest quarterly profit of 18 billion US dollar in corporate history worldwide after the company sold 74.5 million iPhones in quarter ending December 2014. With its $710 billion market value Apple is far ahead from the number two company, oil giant Exxon Mobil, which is worth around $382 billion in terms of market value.