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Apple has its problems, but the App Store is not one of them, Bernstein says



Apple Inc. shares have lost more than a quarter of their value over the past three months, due to concerns about iPhone sales, demand from China and trade war disturbances, but Bernstein analyst Toni Sacconaghi said there is At least one problem investors should not be concerned about

"We are not at all concerned about possible disintermediation of the App Store," he wrote in a Friday conference for clients. "It's not a big concern for ours. In fact, it's not even a top seven concern."

His remarks on the App Store business model come as more popular tech companies have talked about withdrawing in the ways they use this Apple

AAPL, + 0.62%

platform. Especially Netflix Inc.

NFLX, -3.99%

Spotify Technology SA

SPOT, + 0.24%

and Fortnite makers have complained about the "Apple tax", shaving 15% to 30% of their App Store revenue when consumers sign up for a subscription within one of their apps, or buy an app directly.

Don't miss: Apple's Tim Cook says there's a need for regulatory action to restore "full faith" in tech

The App Store has been a star in Apple's fast-growing service segment that brings revenue users make various app-related purchases, but some investors have added the longevity of this model to their laundry list for fear of the business. However, Sacconaghi said "rebellion" of these great developers and publishers is "dead on arrival."

Under Apple's latest earnings call, Finance Director Luca Maestri said the highest-growing app in the App Store is "less than 0.3% of service revenue, which is about 0.04% of the company's total revenue for the 2018 financial year." 19659002] "0.3% is … not much money," he wrote. "And as a reminder because Netflix has left the ecosystem, it doesn't mean that the $ 110 million goes to Apple. Instead, anyone who is a current Netflix subscriber via iOS will continue to pay Apple their ~ 15% cut. Apple will simply not receive incremental revenue from Netflix forward. "

Apple clearly places earnings revenue as something it wants investors to be aware of, especially considering weak trends for its iPhone business; the company announced on its last earnings that it would continue to report unit sales for its various hardware categories, but that it would also be a bit more up-to-date with the information it provides on services. Not sure if future lawsuits or judgments will try to offset the App Store's dominance, but he is not panicking yet: "Could each iOS app take the Fortnite route? Could competing app stores pop up? If you really think about it, you will realize … probably not. "

That's not to say that Sacconaghi has no other worries about the Services business." Worry what you want about the iPhone, or even about Services (we have previously pointed out headwinds as slowing down installed base growth, hard comps on license and China exposure), "he wrote." But let's pity Apple – the basic store behind the App Store will be fine. "

He has a stock market premium and a price of $ 160 Apple's shares have reached 1% in Friday trading, down 27% over the past three months.

DJIA, + 1.42%

decreased 2.6% over that time.


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