Epstein Secrets

www.morganstanley.com/img/cs=spacer.gif> &nb=p; Katy L. Huberty= CFA — Morgan Stanley August 1, 2018

32% Y/Y fore=ast. However, backing out a $236M one-time legal benefit implies 28% Y/Y no=malized growth. In the June quarter, paid subscriptions to Apple Services t=pped 300M users (+60% Y/Y) and the App Store, AppleCare, Apple Music, iClou= and Apple Pay all set new June quarterly revenue records. For the App

/cs/spacer.gif> EFTA_R1_01795597 EFTA02605256 Katy L. Huberty, CFA— Morgan Stanley August 21, 2018

(NFLX reportedly not testing this in the US) then the net revenue =mpact to the App Store on a T12M basis would be 80bps, and about 30bps =or all of Apple Services, with an immaterial impact to total Apple =evenue. And despite the margin profile of the App Store being =eaningfully higher than company average,

/cs/spacer.gif> EFTA_R1_01821651 EFTA02618358 Katy L. Huberty, CFA— Morgan Stanley November 15, 201

ng Lumentum's and Qorvo's negative pre-announcements this =eek suggests investors remain narrowly focused on units, despite the =ncreasing value of Apple Services. As highlighted in our Insight note =ast week, our detailed analysis of Apple Services gives us confidence =n long-term growth and valuation upside

ecs/spacer.gif> EFTA_R1_01906427 EFTA02659427 Katy L. Huberty, CFA =E2 Morgan Stanley May 23, =018

rs instead ought to =ocus on understanding the drivers and growth trajectory of the Services =usiness. We are using this follow-up to our March 2018 Apple Services =eep dive to explore the largest business within Services, the App =tore, which we estimate already accounts for nearly 40% of total =ervices revenu