Apple is giving away one year free of the Apple TV Plus streaming service to customers who buy one of its devices starting in November — but the company insists the offer won’t have a “material impact” on earnings, contrary to a prediction from a prominent Wall Street analyst.
“We do not expect the introduction of Apple TV+, including the accounting treatment for the service, to have a material impact on our financial results,” the tech giant said in a statement to CNBC.
The company was responding to a downgrade of its stock by Goldman Sachs, which predicted the one-year-free Apple TV Plus offer would depress earnings per share for the December 2019 quarter by 16%.
Apple’s share fell as much as 2.7% Friday after Goldman Sachs cut its 12-month price target on Apple’s stock from $187 to $165 per share, citing the firm’s expectation that the free Apple TV Plus offer...
“We do not expect the introduction of Apple TV+, including the accounting treatment for the service, to have a material impact on our financial results,” the tech giant said in a statement to CNBC.
The company was responding to a downgrade of its stock by Goldman Sachs, which predicted the one-year-free Apple TV Plus offer would depress earnings per share for the December 2019 quarter by 16%.
Apple’s share fell as much as 2.7% Friday after Goldman Sachs cut its 12-month price target on Apple’s stock from $187 to $165 per share, citing the firm’s expectation that the free Apple TV Plus offer...
- 9/13/2019
- by Todd Spangler
- Variety Film + TV
Updated with closing price. Apple stock plunged to its lowest point in almost two years today, falling 10% after the company warned it would fall short of its own holiday sales forecasts.
CEO Tim Cook sought to place the blame for worse-than-expected sales on China’s slowing economy and President Donald Trump’s trade war. He also acknowledged that iPhone sales are slowing, as consumers wait longer to replace their older smartphones. Some opted to take advantage of Apple’s low-cost battery replacement program rather than upgrade their devices.
Shares closed at $142.19, down nearly 16 points on the day — their biggest single-day loss in six years. The stock was last at this level in February 2017.
After the bombshell announcement Wednesday by the fourth-largest public company, the Dow Jones Industrial Average shed 660 points, extending the slump that saw it last year post its worst showing since 2008. The S&P lost 2.5% of its value, and...
CEO Tim Cook sought to place the blame for worse-than-expected sales on China’s slowing economy and President Donald Trump’s trade war. He also acknowledged that iPhone sales are slowing, as consumers wait longer to replace their older smartphones. Some opted to take advantage of Apple’s low-cost battery replacement program rather than upgrade their devices.
Shares closed at $142.19, down nearly 16 points on the day — their biggest single-day loss in six years. The stock was last at this level in February 2017.
After the bombshell announcement Wednesday by the fourth-largest public company, the Dow Jones Industrial Average shed 660 points, extending the slump that saw it last year post its worst showing since 2008. The S&P lost 2.5% of its value, and...
- 1/3/2019
- by Dade Hayes and Dawn C. Chmielewski
- Deadline Film + TV
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