AAPL Stock Rebounds After Apple Buying Shazam Report

Apple is reportedly closing in on a deal to purchase the audio recognition app Shazam--a popular app that can identify music, television show, movie or advertisement by listening to an audio clip--according to TechCrunch. No official price has been made public, though the deal is believed to be in the nine-figure range and has been rumored to be around $400 million. During its last funding round in 2015, Shazam was valued at more than $1 billion. The report was confirmed by the Financial Times, which reported the deal would value the London-based Shazam as worth "hundreds of millions of dollars" and would be one of the largest acquisitions in Apple's history. During its September 2017 earnings report, Shazam posted $54 million in revenue over the course of its 2016 fiscal year, a turnaround from its previous two years.