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Google pays Apple so that it remains the default search engine on the Safari browser of the iPhone.
Although neither Google nor Apple discuss the terms of the agreement, most analysts believe that payments are billions of dollars a year.
In fact, payments of the "cost of acquisition of the traffic" could be more important than those of Wall Street, considers Rod Hall, analyst of Goldman Sachs, in a note distributed to the customers Friday.
Google could pay Apple $ 9 billion in 2018 and $ 12 billion in 2019, according to Goldman 's estimate.
"We believe this revenue is calculated based on the number of searches made by users of the Apple platform on Siri or in the Safari browser," wrote Hall.
"We believe that Apple is one of the most important channels of traffic acquisition for Google," he continued.
Goldman's report models payments from Google to Apple in a fraction of the money made on iOS through paid searches, and shrank compared to iOS market share, added a premium and used a rate based on information Previous Google.
Goldman also noted that Google said last year that it renegotiated the terms of the TAC, which, according to some, meant that Apple's rate had gone up.
In 2017, Bernstein analyst Toni Sacconaghi estimated that Google was paying $ 3 billion a year to Apple. The only difficult issue we know for sure is that Google paid $ 1 billion to Apple in 2014, thanks to court records.
Apple has recently attracted investor attention on its growing "services" product line, which accounted for 13% of the total business figure for fiscal 2017. "We believe that the transformation towards the services closely follow the expectations of investors, "JPMorgan analyst Samik Chatterjee said Thursday in a note.
When Apple executives talk about services, they like to focus on Apple's fees for software sold on the App Store or the money the company earns through subscriptions like Apple Music and iCloud.
But according to the Goldman model, TAC fees account for 24 percent of the service market, and AppleCare, Apple's repair and warranty program, accounts for 17 percent of Apple's $ 31.3 billion in service revenue.
"We do not believe that Apple services should be valued independently to a greater number than the combined company," Hall concludes. Goldman Sachs has a target price of 240 dollars over 12 months for Apple.
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