Technology Shares Continue to Gain -- Tech Roundup
Shares of technology companies gained, helping to offset losses elsewhere. A recent rally has made tech the best-performing group in the S&P 500 for the year. Apple Inc. defended its practice of taking a 30% cut of sales through its App Store following criticism from Spotify Technology SA, escalating a fight between the tech companies as regulators increasingly scrutinize the industry. The iPhone maker was responding to an antitrust complaint Spotify filed earlier this week in Europe, in which the streaming-music company accused Apple of abusing the App Store to limit competition against its own Apple Music. Separately, a Morgan Stanley analyst said iPhone sales in China appeared to be stabilizing. Broadcom shares jumped following its fiscal first-quarter results and outlook, sending the stock to a high that also takes the company's market value just above the level it enjoyed in the early days of what turned out to be an ill-fated effort to buy Qualcomm. Oracle said late Thursday that its revenue fell 1% in its latest quarter, a second-consecutive period of decline as the software giant continues to struggle adapting its business for the cloud era.
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