Epstein Secrets

for greater exposure to high =uality consumers and users value the App Store for frictionless =urchasing across services. This alert is sent from: Andrew Atlas, [email protected] You received this because =ou requested that you receive content and reports from: APPLE =NC. Please contact your

(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,

r of new =roduct launches and greater macro uncertainty in the economy relative to 12 months ago. Importantly, unit revis This alert is sent from: Andrew Atlas, [email protected] You received this because =ou requested that you receive content and reports from: APPLE =NC. Please contact your

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

of the only Services segments where there is detailed third =arty data available to analyze. As a result, we have a bette 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

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