Apple stock rises after company confirms Shazam acquisition

Apple Inc.
shares gained 1.9% in midday trading Monday after the company confirmed that it had acquired music-recognition app Shazam. “Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users,” Apple said in a statement. “We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.” Terms of the deal weren’t disclosed, but a report from Tech Crunch last week pegged the value at approximately $400 million, below the $1 billion valuation Shazam fetched in a 2015 funding round. Apple shares have gained 49% so far in 2017, compared with a 23% rise for the Dow Jones Industrial Average

View more information:

Articles in category: moneyist
See also  Why hackers want your phone number

Leave a Reply

Back to top button