Google's exclusive distribution agreements for default search engines on mobile devices violated the Sherman Act by maintaining monopoly in search services and advertising, according to the federal district court ruling.
The court's decision poses a threat to Google's ubiquity in search as the company relied heavily on search ads, generating $160 billion to $175 billion annually, with a 4.6% stock drop upon the verdict.
Apple, earning substantially from the Google search engine deal, faced a 6.7% stock drop due to the court ruling as the default search engine revenue is significant for Apple's Services business.
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