Epstein Secrets

emain the ballasts for App =tore growth, other smaller but faster growing countries will continue =o increase in importan This alert is sent from: Andrew Atlas, You received this because you requested =hat you receive content and reports from: APPLE =NC. Please contact your FA if you want to unsubscribe f

2Q18, accounting for 76% of total App Store net =evenue, slightly below the T12M average of 77%. App Store growth in =hina decelerated 400bps to 25% Y/Y (4) as did growth in Japan (+11%=/Y), however growth in the US accelerated over 800bps to 36% Y/Y (5). =rowth for all other countries accelerated 100

t deceleration =rom December quarter growth of 16% Y/Y directionally aligns with the 1 =oint March quarter slowdown we e This alert is sent from: Andrew Atlas, [email protected] You received this because you requested =hat you receive content and reports from: APPLE =NC. Please contact your

ensor Tower, estimated March quarter App =tore net revenue was $3.7B, up 15% Y/Y, a 1 point deceleration from revised December quarter growth of 16% Y/Y (1). Using Sensor Tower= revised historical App Store revenue totals (2), our 17% Y/Y revenue =rowth forecast would imply $3.8B in March quarter App

the =nd of the quarter. Any meaningful revision or lack thereof to this line =tem at the end of March will be an importan This alert is sent from: Andrew Atlas, You received this because you requested =hat you receive content and reports from: APPLE =NC. Please contact your FA if you want to unsubscribe f

average seasonality over the prior three years =2). As a result, total non-vendor trade receivables and inventory on =he balance sheet is up $15.2B Y/Y (3). The bulk of the increase was =riven by vendor non-trade receivables (+$13.58 Y/Y) that are =istorically correlated to revenue growth (5). Howeve