Epstein Secrets

=otentially Bypassing the App Store an Overblown Concern For =ow <http://www.morganstanley.com/img/cs/spacer.gif> EFTA_R1_01795597 EFTA02605256 Katy L. Huberty, CFA— Morgan Stanley August 21, 2018 4:47 PM GMT What's New? This morning, =echCrunch reported that Netflix is currently testing (in 33 countries,

(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,

=hain Noise Creates Buying Opportunity; Still Bullish on =ervices <http://www.morganstanley.com/img/cs/spacer.gif> EFTA_R1_01821651 EFTA02618358 Katy L. Huberty, CFA— Morgan Stanley November 15, 2018 1:03 AM =MT Weaker supplier guidance reflects Apple's already =ore cautious Nov 1 guidance and, importantly,

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

Inc.: The =merging Power of Apple Services, Part 2: The App =tore <http://www.morganstanley.com/imecs/spacer.gif> EFTA_R1_01906427 EFTA02659427 Katy L. Huberty, CFA =E2 Morgan Stanley May 23, =018 9:00 PM GMT In this follow-up to our =arch Services report, we counter the bears, arguing that App Store =rowt

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