The Supreme Court has deferred the hearing on Google (NASDAQ:GOOGL)'s alleged anti-competitive practices until January, highlighting the gravity of the case and preventing overlaps with other ongoing cases. The decision, announced on Monday, comes in response to an appeal by both Google and the Competition Commission of India (CCI) against a partially upheld CCI decision by the National Company Law Appellate Tribunal (NCLAT).
The case originated from a Rs 1,337 crore fine imposed on Google by the CCI. It investigates claims of Google abusing its dominance in Android and online search markets. Several contentious issues are at the heart of this case, including the mandatory pre-installation of Google apps for Play Store licensing, manufacturers' rights in app selection and placement, restrictions on creating devices based on Android forks without Google apps, users' choice of default search engine, and prohibition on agreements that impede sales of devices running Android forks.
Following a divided victory at the NCLAT, both Google and CCI decided to challenge the partially upheld CCI decision at the Supreme Court level. The delay in hearing until January underscores the importance of this case and allows for thorough preparation to avoid clashes with other cases.
Google, with a market cap of 1740.0B USD according to InvestingPro's real-time metrics, is a prominent player in the Interactive Media & Services industry. The company is known to yield high returns on invested capital and operates with a high return on assets. InvestingPro data indicates a P/E ratio of 29.1 and a revenue of 289.53B USD for Google.
Despite the ongoing legal challenge, Google's stock has been trading near its 52-week high, with a 15.15% return over the last three months. This performance is reflective of Google's strong return over the past five years, as highlighted in InvestingPro Tips.
However, it's worth noting that Google's revenue growth has been slowing down recently, as per InvestingPro Tips. This could be a potential concern for investors, along with the fact that the company does not pay a dividend to its shareholders.
Investors and market watchers will be closely monitoring the developments of this case and its potential impact on Google's market position and financial performance. For more insightful tips and real-time metrics on Google and other companies, consider exploring InvestingPro's product offerings here.
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