Apple: Why A 2% Hit Matters

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Apple: Why A 2% Hit Matters

Seeking Alpha2021-09-13

Summary Apple lost the battle with Epic Systems over developers' ability to direct customers to external payment systems. Influential Apple analyst Katy Huberty had already estimated an EPS impact of...

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chaicka
·2021-09-13
Vendors who wanna sell their products at supermarkets have a pay a monthly rental for the shelving space. On top of that, the supermarkets also takes a small cut (commission) for each sale.Maybe it’s time Apple start explore how digital market place should be since regulars and legislations are still so outdated. Sad but if it can shuts those regulators up, it may be worth the effort. I doubt regulators are willing to break many traditional trades and established aged business models out there.
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- chaicka:
  No doubt on that. The post is about developers who intentionally want to side-step App Store, and Apple needs to explore new ways/models to handle these kind of developers.
  2021-09-15
  Reply
  Report
- Kencom:
  Apple is strong & will continue to innovate different new platforms to win back its subscribers.
  2021-09-15
  Reply
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chaicka
·2021-09-13
Greed has no limits…Epic would have a much smaller gaming community today if not for its early collaboration with Apple. Nowadays, mobile gaming dominates while console gaming has been on the decline (in terms of revenue).
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DragonLee
·2021-09-13
Ok
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MamaLee
·2021-09-13
Ok
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4
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- Mooimooi:
  nie
  2021-09-13
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- bostonxsgp:
  k
  2021-09-13
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Jellywonka
·2021-09-13
Ok
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2
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- MamaLee:
  Ok
  2021-09-13
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Holla
·2021-09-13
Like pls
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3
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- halforc:
  nicr
  2021-09-13
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geraldsohsg
·2021-09-13
Buy now.. abit also good... Like and comment
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- lawteoh777:
  like and comment
  2021-09-13
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- Jellywonka:
  NIce
  2021-09-13
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- JackOATrades:
  true
  2021-09-13
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The stock remains priced for perfection while the company continues to have growth paths chipped away from the business. My investment thesis continues to remain Bearish on the stock up around $150.\nAll About Payments\nIn the past year, Apple had already made several shifts in payment terms with developers. The tech giant reduced App Store fees for small developers and recently allowed several reader apps to offer links to external payments options to avoid the 15% or 30% fees paid to Apple.\nOn Friday, U.S. District Judge Yvonne Gonzalez-Rogers ruled that Apple must allow app developers the ability to direct customers to alternative payment methods outside of the App Store. Apple won the rest of their case blocking Fortnite from regaining access to the App Store and ruling the tech giant wasn't using monopolistic powers.\nThe CEO of Epic Games took to Twitter to suggest this ruling doesn't solve the problem as gamers have to go to outside sources in order to register and make payments. The process might work for Netflix(NFLX) and Spotify(SPOT) offering monthly subscriptions and services a user might want to use outside of Apple devices, but gaming companies are far different mostly requiring in-app purchases at random times. Tim Sweeney made it clear Epic Games needs access to in-app payment methods provided by the app developer or gamers are likely to continue using Apple for payments.\n\nRegardless, the U.S. District Court ruling opens up the door for companies to start bypassing the fees paid to Apple. A lot of big questions exist on whether consumers will actually utilize these external payment options, or if the tech giant will end up charging app developers fees for access to the App Store.\n2% Hit\nSo much is unknown about the actual financial impact of this ruling other than just about every app developer wants to avoid the up to 30% fees these companies pay to both Apple and Google(GOOG) (GOOGL) for access to their app stores. Star Apple analyst Katy Huberty from Morgan Stanley had already suggested the company faced limited risk of only up to a 2% hit to earnings from the previous move to allow some of the top apps to offer links to external payment systems.\nKaty released the following analysis a couple of days prior to the judge ruling to force Apple to officially open up the payment system to all apps:\n\n We view the top 10 or so apps as those that are most likely to have the scale, brand, marketing budget, and customer loyalty to absorb the friction of circumventing the App Store payments platform. Assuming a worst case scenario in which Apple stopped collecting economics from all of the top 20 reader apps translates to downside risk of 4% of Services revenue, 1% of total company revenue, and about 2% of FY22 EPS forecast.\n\nWhy the move ultimately matters is because the App Store generates up to $22 billion in annual revenues with an estimated gross margin of close to 80% according to analysis used by Epic Games. Everyone knows the Services business is what will provide the growth path for Apple from the recurring revenue streams, but this business is now taking a slight hit.\nA 1% hit to total revenues is over $3 billion, or what amounts to 4% of Services revenues up at $70 billion this year. The company will be fine, but the stock will suffer.\nBefore this ruling hit the wires and most analysts had even updated numbers from the \"reader\" app decision, Apple was only forecast to generate annual EPS growth in the 1% to 6% range over the next 4 years. Analysts already forecast limited EPS growth and any hit to this growth rate further reduces the growth to next to nothing.\nSource: SA earnings estimates\nThe problem is that the stock still trades at 26x those uncut FY22 EPS estimates of $5.84. Stocks hardly trade at more than 2x the growth rate and Apple would need over 13% EPS growth annually to warrant such a premium valuation multiple.\nIf the new EPS impact trumps the estimates of the Morgan Stanley analyst due to the expanded scope of developers now gaining access to external payment options, the tech giant might not even generate earnings growth in the next couple of years. Investors are hardly likely to continue paying up for the stock under such a scenario.\nTakeaway\nThe key investor takeaway is that Apple has a bright future. The company will continue generating profits with operating cash flows topping $100 billion annually, but the tech giant will struggle to generate the growth needed to warrant the current stock price. The 2% hit to earnings might not seem meaningful, but the amount is very harmful to a stock priced for perfection.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":886058717,"gmtCreate":1631540658039,"gmtModify":1676530570154,"author":{"id":"4090019857770890","authorId":"4090019857770890","name":"chaicka","avatar":"https://static.tigerbbs.com/c0c291a2a7983f128cf68e5b01fedd73","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"Vendors who wanna sell their products at supermarkets have a pay a monthly rental for the shelving space. On top of that, the supermarkets also takes a small cut (commission) for each sale.Maybe it’s time Apple start explore how digital market place should be since regulars and legislations are still so outdated. Sad but if it can shuts those regulators&nbsp;up, it may be worth the effort. I doubt regulators&nbsp;are willing to break many&nbsp;traditional trades&nbsp;and established&nbsp;aged&nbsp;business models out there.","listText":"Vendors who wanna sell their products at supermarkets have a pay a monthly rental for the shelving space. On top of that, the supermarkets also takes a small cut (commission) for each sale.Maybe it’s time Apple start explore how digital market place should be since regulars and legislations are still so outdated. Sad but if it can shuts those regulators&nbsp;up, it may be worth the effort. I doubt regulators&nbsp;are willing to break many&nbsp;traditional trades&nbsp;and established&nbsp;aged&nbsp;business models out there.","text":"Vendors who wanna sell their products at supermarkets have a pay a monthly rental for the shelving space. On top of that, the supermarkets also takes a small cut (commission) for each sale.Maybe it’s time Apple start explore how digital market place should be since regulars and legislations are still so outdated. Sad but if it can shuts those regulators up, it may be worth the effort. I doubt regulators are willing to break many traditional trades and established aged business models out there.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/886058717","repostId":1145947567,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5870963,"gmtCreate":1631664617976,"gmtModify":1663233894728,"authorId":4090019857770890,"author":{"id":4090019857770890,"authorId":4090019857770890,"name":"chaicka","avatar":"https://static.tigerbbs.com/c0c291a2a7983f128cf68e5b01fedd73","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.61%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":886058717,"type":1,"supId":5870054,"prevId":0,"content":"No doubt on that. The post is about developers who intentionally want to side-step App Store, and Apple needs to explore new ways/models to handle these kind of developers.","text":"No doubt on that. The post is about developers who intentionally want to side-step App Store, and Apple needs to explore new ways/models to handle these kind of developers.","html":"No doubt on that. The post is about developers who intentionally want to side-step App Store, and Apple needs to explore new ways/models to handle these kind of developers."},{"id":5870054,"gmtCreate":1631661279104,"gmtModify":1663233886939,"authorId":4088748055325860,"author":{"id":4088748055325860,"authorId":4088748055325860,"name":"Kencom","avatar":"https://community-static.tradeup.com/news/bcaa9548fb78e0409a2827c590935dab","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.11.15","exceedPercentage":"80.46%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101},"crmLevel":7,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":886058717,"type":1,"supId":0,"prevId":0,"content":"Apple is strong &amp; will continue to innovate different new platforms to win <u>back</u> its subscribers.","text":"Apple is strong &amp; will continue to innovate different new platforms to win <u>back</u> its subscribers.","html":"Apple is strong &amp; will continue to innovate different new platforms to win <u>back</u> its subscribers."}],"langContent":"EN"},{"id":886022284,"gmtCreate":1631540302248,"gmtModify":1676530569994,"author":{"id":"4090019857770890","authorId":"4090019857770890","name":"chaicka","avatar":"https://static.tigerbbs.com/c0c291a2a7983f128cf68e5b01fedd73","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"Greed has no limits…Epic would have a much smaller gaming community today if not for its early collaboration with Apple. Nowadays, mobile gaming dominates while console gaming has been on the decline (in terms of revenue).","listText":"Greed has no limits…Epic would have a much smaller gaming community today if not for its early collaboration with Apple. Nowadays, mobile gaming dominates while console gaming has been on the decline (in terms of revenue).","text":"Greed has no limits…Epic would have a much smaller gaming community today if not for its early collaboration with Apple. Nowadays, mobile gaming dominates while console gaming has been on the decline (in terms of revenue).","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886022284","repostId":1145947567,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":888774870,"gmtCreate":1631534800890,"gmtModify":1676530568171,"author":{"id":"3581295915321286","authorId":"3581295915321286","name":"DragonLee","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/888774870","repostId":1145947567,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":888780585,"gmtCreate":1631529579647,"gmtModify":1676530566556,"author":{"id":"3579998898288031","authorId":"3579998898288031","name":"MamaLee","avatar":"https://static.tigerbbs.com/3b65143242ad70cd231ddce7436fdb25","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":4,"crmLevelSwitch":1},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/888780585","repostId":1145947567,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5852709,"gmtCreate":1631530066005,"gmtModify":1663233816827,"authorId":3581824074294147,"author":{"id":3581824074294147,"authorId":3581824074294147,"name":"Mooimooi","avatar":"https://static.tigerbbs.com/84d1447cbd42e40f88812481e8c6e72e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":888780585,"type":1,"supId":0,"prevId":0,"content":"<u>nie</u>","text":"<u>nie</u>","html":"<u>nie</u>"},{"id":5852742,"gmtCreate":1631530259587,"gmtModify":1663233814931,"authorId":3584157491931754,"author":{"id":3584157491931754,"authorId":3584157491931754,"name":"bostonxsgp","avatar":"https://static.tigerbbs.com/55d82efabeabddb18cc2d6ca7a71a36f","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss 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trading challenger","description":"for 2 months 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