Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares

StreetInsider2021-08-26

Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...

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精彩评论

2abbfa10
2021-08-26
2abbfa10
That is a lot of money just to be default... [呆住] but it's necessary for Google $Alphabet(GOOG)$
Tyler_Ang
2021-08-26
Tyler_Ang
Apple up up up
- CookieMon12:
  Yay yay
Sriwonc
2021-08-26
Sriwonc
Like
Xiaobaibaix
2021-08-26
Xiaobaibaix
Weeee
- JHFG:
  k
- CookieMon12:
  Yeah
Al3x
2021-08-26
Al3x
Like
Derrickmin
2021-08-26
Derrickmin
Yes

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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18861344><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18861344\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GOOG","symbol_name":"谷歌","start_time":0,"source_url":"https://www.streetinsider.com/dr/news.php?id=18861344","article_id":"2162059919","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2162059919","pubTimestamp":1629934680,"sourceInfo":{"source_id":"highlight_streetinsider","name":"StreetInsider"},"weMediaInfo":null,"summary":"Bernstein senior analyst Tony Sacconaghi projects Google  will have to pay almost $15 billion to Apple  for being the default search engine on iOS, much higher than what it used to pay previously.Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC .The 2021 forecast of $15 billion is “amazing” as it contribute","collect":0,"end_time":0,"defaultTopTitle":"streetinsider.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GOOG":"谷歌","AAPL":"苹果"},"translate_title":"苹果：伯恩斯坦预测，谷歌将在2021财年为iOS默认搜索引擎支付150亿美元，高于2020年的100亿美元，这被视为给股票带来更高的风险","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":0.9,"GOOG":0.9},"content_text":"Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.\nRenowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).\n“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.\nThe 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.\n“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; & (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.\nAs a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.\nShares of Apple are trading around the $150.00 mark in pre-open Wednesday.\nBerstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":810916476,"gmtCreate":1629939037295,"gmtModify":1631884555218,"author":{"id":"3555134782523638","authorId":"3555134782523638","name":"2abbfa10","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3555134782523638","idStr":"3555134782523638"},"htmlText":"That is a lot of money just to be default...&nbsp;[呆住]&nbsp;but it's necessary for Google&nbsp;<a href=\"https://laohu8.com/S/GOOG\">$Alphabet(GOOG)$</a>","listText":"That is a lot of money just to be default...&nbsp;[呆住]&nbsp;but it's necessary for Google&nbsp;<a href=\"https://laohu8.com/S/GOOG\">$Alphabet(GOOG)$</a>","text":"That is a lot of money just to be default... [呆住] but it's necessary for Google $Alphabet(GOOG)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810916476","repostId":2162059919,"repostType":4,"repost":{"id":"2162059919","pubTimestamp":1629934680,"share":"https://www.laohu8.com/m/news/2162059919?lang=&edition=full","pubTime":"2021-08-26 07:38","market":"us","language":"en","title":"Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2162059919","media":"StreetInsider","summary":"Bernstein senior analyst Tony Sacconaghi projects Google  will have to pay almost $15 billion to Apple  for being the default search engine on iOS, much higher than what it used to pay previously.Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC .The 2021 forecast of $15 billion is “amazing” as it contribute","content":"<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.</p>\n<p>Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).</p>\n<p>“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.</p>\n<p>The 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.</p>\n<p>“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; &amp; (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.</p>\n<p>As a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.</p>\n<p>Shares of Apple are trading around the $150.00 mark in pre-open Wednesday.</p>\n<p>Berstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18861344><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18861344\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18861344","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162059919","content_text":"Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.\nRenowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).\n“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.\nThe 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.\n“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; & (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.\nAs a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.\nShares of Apple are trading around the $150.00 mark in pre-open Wednesday.\nBerstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":810935855,"gmtCreate":1629938578877,"gmtModify":1633681337988,"author":{"id":"4091328939234790","authorId":"4091328939234790","name":"Tyler_Ang","avatar":"https://static.tigerbbs.com/13f0228d6c4c2f4c17dad73a78d15ab0","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"4091328939234790","idStr":"4091328939234790"},"htmlText":"Apple up up up&nbsp;","listText":"Apple up up up&nbsp;","text":"Apple up up up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/810935855","repostId":2162059919,"repostType":4,"repost":{"id":"2162059919","pubTimestamp":1629934680,"share":"https://www.laohu8.com/m/news/2162059919?lang=&edition=full","pubTime":"2021-08-26 07:38","market":"us","language":"en","title":"Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2162059919","media":"StreetInsider","summary":"Bernstein senior analyst Tony Sacconaghi projects Google  will have to pay almost $15 billion to Apple  for being the default search engine on iOS, much higher than what it used to pay previously.Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC .The 2021 forecast of $15 billion is “amazing” as it contribute","content":"<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.</p>\n<p>Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).</p>\n<p>“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.</p>\n<p>The 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.</p>\n<p>“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; &amp; (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.</p>\n<p>As a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.</p>\n<p>Shares of Apple are trading around the $150.00 mark in pre-open Wednesday.</p>\n<p>Berstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18861344><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18861344\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18861344","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162059919","content_text":"Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.\nRenowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).\n“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.\nThe 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.\n“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; & (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.\nAs a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.\nShares of Apple are trading around the $150.00 mark in pre-open Wednesday.\nBerstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5651013,"gmtCreate":1629940640795,"gmtModify":1635139045067,"authorId":3581997496673642,"author":{"id":3581997496673642,"idStr":"3581997496673642","authorId":3581997496673642,"name":"CookieMon12","avatar":"https://static.tigerbbs.com/d412f1a182e016f0fe66376d12556dee","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":810935855,"type":1,"supId":0,"prevId":0,"content":"Yay yay","text":"Yay yay","html":"Yay yay"}],"langContent":"EN"},{"id":810996703,"gmtCreate":1629937977202,"gmtModify":1633681347448,"author":{"id":"3586424409701165","authorId":"3586424409701165","name":"Sriwonc","avatar":"https://static.tigerbbs.com/264a5cfcdc2db585d9b139a4c4d7b11d","vip":1,"crmLevel":6,"crmLevelSwitch":0,"authorIdStr":"3586424409701165","idStr":"3586424409701165"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810996703","repostId":2162059919,"repostType":4,"repost":{"id":"2162059919","pubTimestamp":1629934680,"share":"https://www.laohu8.com/m/news/2162059919?lang=&edition=full","pubTime":"2021-08-26 07:38","market":"us","language":"en","title":"Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2162059919","media":"StreetInsider","summary":"Bernstein senior analyst Tony Sacconaghi projects Google  will have to pay almost $15 billion to Apple  for being the default search engine on iOS, much higher than what it used to pay previously.Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC .The 2021 forecast of $15 billion is “amazing” as it contribute","content":"<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.</p>\n<p>Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).</p>\n<p>“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.</p>\n<p>The 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.</p>\n<p>“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; &amp; (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.</p>\n<p>As a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.</p>\n<p>Shares of Apple are trading around the $150.00 mark in pre-open Wednesday.</p>\n<p>Berstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18861344><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18861344\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18861344","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162059919","content_text":"Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.\nRenowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).\n“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.\nThe 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.\n“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; & (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.\nAs a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.\nShares of Apple are trading around the $150.00 mark in pre-open Wednesday.\nBerstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":810078607,"gmtCreate":1629937015509,"gmtModify":1633681366094,"author":{"id":"4090835245062940","authorId":"4090835245062940","name":"Xiaobaibaix","avatar":"https://static.tigerbbs.com/19263ccc92eb63259fac52b84116dbc7","vip":1,"crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"4090835245062940","idStr":"4090835245062940"},"htmlText":"Weeee","listText":"Weeee","text":"Weeee","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/810078607","repostId":2162059919,"repostType":4,"repost":{"id":"2162059919","pubTimestamp":1629934680,"share":"https://www.laohu8.com/m/news/2162059919?lang=&edition=full","pubTime":"2021-08-26 07:38","market":"us","language":"en","title":"Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2162059919","media":"StreetInsider","summary":"Bernstein senior analyst Tony Sacconaghi projects Google  will have to pay almost $15 billion to Apple  for being the default search engine on iOS, much higher than what it used to pay previously.Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC .The 2021 forecast of $15 billion is “amazing” as it contribute","content":"<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.</p>\n<p>Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).</p>\n<p>“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.</p>\n<p>The 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.</p>\n<p>“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; &amp; (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.</p>\n<p>As a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.</p>\n<p>Shares of Apple are trading around the $150.00 mark in pre-open Wednesday.</p>\n<p>Berstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18861344><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18861344\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18861344","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162059919","content_text":"Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.\nRenowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).\n“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.\nThe 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.\n“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; & (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.\nAs a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.\nShares of Apple are trading around the $150.00 mark in pre-open Wednesday.\nBerstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5650088,"gmtCreate":1629937215001,"gmtModify":1635139124044,"authorId":3581584136411536,"author":{"id":3581584136411536,"idStr":"3581584136411536","authorId":3581584136411536,"name":"JHFG","avatar":"https://static.tigerbbs.com/e048fb469b216f96902bba2f89b85c19","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":810078607,"type":1,"supId":0,"prevId":0,"content":"k","text":"k","html":"k"},{"id":5651014,"gmtCreate":1629940649596,"gmtModify":1635139044959,"authorId":3581997496673642,"author":{"id":3581997496673642,"idStr":"3581997496673642","authorId":3581997496673642,"name":"CookieMon12","avatar":"https://static.tigerbbs.com/d412f1a182e016f0fe66376d12556dee","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":810078607,"type":1,"supId":0,"prevId":0,"content":"Yeah","text":"Yeah","html":"Yeah"}],"langContent":"EN"},{"id":810079093,"gmtCreate":1629936876712,"gmtModify":1633681368636,"author":{"id":"4088815138354210","authorId":"4088815138354210","name":"Al3x","avatar":"https://static.tigerbbs.com/76537eea7f5e56814a3866c383a688d2","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4088815138354210","idStr":"4088815138354210"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810079093","repostId":2162059919,"repostType":4,"repost":{"id":"2162059919","pubTimestamp":1629934680,"share":"https://www.laohu8.com/m/news/2162059919?lang=&edition=full","pubTime":"2021-08-26 07:38","market":"us","language":"en","title":"Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2162059919","media":"StreetInsider","summary":"Bernstein senior analyst Tony Sacconaghi projects Google  will have to pay almost $15 billion to Apple  for being the default search engine on iOS, much higher than what it used to pay previously.Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC .The 2021 forecast of $15 billion is “amazing” as it contribute","content":"<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.</p>\n<p>Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).</p>\n<p>“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.</p>\n<p>The 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.</p>\n<p>“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; &amp; (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.</p>\n<p>As a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.</p>\n<p>Shares of Apple are trading around the $150.00 mark in pre-open Wednesday.</p>\n<p>Berstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18861344><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18861344\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18861344","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162059919","content_text":"Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.\nRenowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).\n“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.\nThe 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.\n“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; & (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.\nAs a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.\nShares of Apple are trading around the $150.00 mark in pre-open Wednesday.\nBerstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":810070693,"gmtCreate":1629936808012,"gmtModify":1631891946283,"author":{"id":"3580768650075144","authorId":"3580768650075144","name":"Derrickmin","avatar":"https://static.tigerbbs.com/3bb88321eb16bafea5d8794f4409690e","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3580768650075144","idStr":"3580768650075144"},"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/810070693","repostId":2162059919,"repostType":4,"repost":{"id":"2162059919","pubTimestamp":1629934680,"share":"https://www.laohu8.com/m/news/2162059919?lang=&edition=full","pubTime":"2021-08-26 07:38","market":"us","language":"en","title":"Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares","url":"https://stock-news.laohu8.com/highlight/detail?id=2162059919","media":"StreetInsider","summary":"Bernstein senior analyst Tony Sacconaghi projects Google  will have to pay almost $15 billion to Apple  for being the default search engine on iOS, much higher than what it used to pay previously.Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC .The 2021 forecast of $15 billion is “amazing” as it contribute","content":"<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.</p>\n<p>Renowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).</p>\n<p>“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.</p>\n<p>The 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.</p>\n<p>“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; &amp; (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.</p>\n<p>As a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.</p>\n<p>Shares of Apple are trading around the $150.00 mark in pre-open Wednesday.</p>\n<p>Berstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.</p>","source":"highlight_streetinsider","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Bernstein Forecasts Google Will Pay $15 Billion in FY2021 For Being Default Search Engine on iOS, Up From $10 Billion in 2020, Seen as Creating Higher Risk for Shares\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-26 07:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18861344><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18861344\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","GOOG":"谷歌"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18861344","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2162059919","content_text":"Bernstein senior analyst Tony Sacconaghi projects Google (NASDAQ: GOOGL) will have to pay almost $15 billion to Apple (NASDAQ: AAPL) for being the default search engine on iOS, much higher than what it used to pay previously.\nRenowned analyst forecasts 2020 payments at about $10 billion, higher than the previous estimate of $8 billion. This figure comes from the analysis of the recent documents released from Apple, as well as a bottom-up analysis of Google's TAC (traffic acquisition costs).\n“We estimate that Google's TAC payments to Apple (40+% CAGR for CY 2016-2020) are growing notably faster than GOOG's overall TAC (~18% CAGR) – and will likely continue to - for two reasons: (i) Google's payments to Distribution Partners (Apple, other search partnership) are growing faster than to its Network Members (websites); and (ii) Apple's mobile web traffic share has increased substantially over the last 5 years. The upshot is that we estimate that ~39% of Google's TAC will go to Apple in CY2021 up from ~13% in CY2013,” Sacconaghi wrote in a client note.\nThe 2021 forecast of $15 billion is “amazing” as it contributes about 850 bps to Services growth YoY and represents about 9% of Apple’s total gross profits. Higher payments from Google also mean higher risks for Apple.\n“We see two potential risks to GOOG's payments to AAPL: (1) regulatory risk, which we believe is real, but likely years away; we see a potential 4-5% impact to Apple's gross profits from an adverse ruling; & (2) that Google chooses to stop paying Apple to be the default search engine altogether, or looks to renegotiate terms and pay less. We have noted in prior research that GOOG is likely paying to ensure Microsoft doesn’t outbid it. That said, with payments likely to approach $18 - $20B in FY 22, it not implausible that Google could revisit its strategy,” Sacconaghi adds.\nAs a result, the analyst believes “risk reward is balanced to modestly negative on the stock over the next six months” as shares trade at 27x P/FE, above its historical relative levels (1.25x vs. 0.90x), especially bearing in mind potential for weak to no revenue growth in FY 22.\nShares of Apple are trading around the $150.00 mark in pre-open Wednesday.\nBerstein has a \"Market Perform\" rating on AAPL with a price target of $132.00 per share.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":165,"commentSize":17,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2162059919"}