Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares

StreetInsider2021-08-26

Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...

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Comments

PorkChopRice
2021-08-26
PorkChopRice
That is a lot of money just to be default... [呆住] but it's necessary for Google $Alphabet(GOOG)$
Tyler_Ang
2021-08-26
Tyler_Ang
Apple up up up
- CookieMon12:
  Yay yay
Sriwonc
2021-08-26
Sriwonc
Like
Xiaobaibaix
2021-08-26
Xiaobaibaix
Weeee
- CookieMon12:
  Yeah
- JHFG:
  k
Al3x
2021-08-26
Al3x
Like
Derrickmin
2021-08-26
Derrickmin
Yes

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This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).\n“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.\nThe 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. 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That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.\nAs a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.\nShares of Apple are trading around the $150.00 mark in pre-open Wednesday.\nBerstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":810916476,"gmtCreate":1629939037295,"gmtModify":1676530177067,"author":{"id":"3555134782523638","authorId":"3555134782523638","name":"PorkChopRice","avatar":"https://static.tigerbbs.com/a98cc137c6872d5c9d28edd7d7e4206a","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3555134782523638","idStr":"3555134782523638"},"htmlText":"That is a lot of money just to be default...&nbsp;[呆住]&nbsp;but it's necessary for Google&nbsp;<a href=\"https://laohu8.com/S/GOOG\">$Alphabet(GOOG)$</a>","listText":"That is a lot of money just to be default...&nbsp;[呆住]&nbsp;but it's necessary for Google&nbsp;<a href=\"https://laohu8.com/S/GOOG\">$Alphabet(GOOG)$</a>","text":"That is a lot of money just to be default... 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