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Apple's iPhone expected to drive sales, but App Store faces regulatory risk

By Stephen Nellis (Reuters) - Strong sales of 5G iPhones and services such as the App Store and Apple Music are expected to drive growth at Apple Inc (NASDAQ:AAPL), which reports...
Apple's iPhone expected to drive sales, but App Store faces regulatory risk © Reuters. FILE PHOTO: The Apple Inc logo is shown outside the company's 2016 Worldwide Developers Conference in San Francisco, California, U.S. June 13, 2016. REUTERS/Stephen Lam/File Photo

By Stephen Nellis

(Reuters) - Strong sales of 5G iPhones and services such as the App Store and Apple Music are expected to drive growth at Apple Inc (NASDAQ:AAPL), which reports results on Tuesday, but some investors will be listening to the company's strategy to ward off anti-trust foes.

The services business faces lawsuits, regulatory scrutiny, including from an empowered U.S. Department of Justice, and a raft of pending legislation in the United States and Europe to lower its commissions on apps and make other changes.

"We believe government action (via antitrust, executive order, and legislation) represents the single greatest risk for shares of Apple," Tom Forte, an analyst at D.A. Davidson & Co, wrote in a note to clients, adding that he hoped Apple's executives would address the risks on the company's earnings call on Tuesday.

Analysts expect Apple's services sales to rise 24.1% to $16.33 billion, more than a fifth of its expected overall sales of $73.30 billion, according to IBES data from Refinitiv as of July 26.

Last year, when "Fortnite" maker Epic Games sued Apple over its App Store commissions, Cowen & Co analyst Krish Sankar estimated that Apple's App Store provides about 6% of its overall revenues and between 10% and 15% of its profits.

Apple also faces the risk that the U.S. Department of Justice could bar Alphabet (NASDAQ:GOOGL) Inc's Google paying to be the default search engine on the iPhone, Angelo Zino of CFRA Research wrote in a research note last week. Justice Department officials have cited estimates that Google pays Apple $8 billion to $12 billion per year.

For now, analysts expect the company to see a boom in iPhone sales for its fiscal third quarter, with sales rising 28.7% to $34 billion, according to Refinitiv data as of July 26, by far the largest single contributor to sales.

J.P. Morgan analyst Samik Chatterjee wrote in a note last week that Apple's services business growth has driven a structural shift a higher valuation for the company, with shares trading near 30 times earnings. As recently as 2019, shares consistently traded at less than 20 times earnings as investors remained cautious about the company's heavy dependence on iPhone sales.

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29-03-2024 21:32:19 (UTC+7)

EUR/USD

1.0796

+0.0009 (+0.08%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

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EUR/USD

1.0796

+0.0009 (+0.08%)

Summary

Neutral

Moving Avg:

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GBP/USD

1.2636

+0.0014 (+0.11%)

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Buy

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USD/JPY

151.20

-0.17 (-0.12%)

Summary

↑ Sell

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AUD/USD

0.6525

+0.0010 (+0.15%)

Summary

↑ Sell

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USD/CAD

1.3543

+0.0006 (+0.04%)

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↑ Buy

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EUR/JPY

163.21

-0.04 (-0.02%)

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↑ Sell

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EUR/CHF

0.9733

+0.0006 (+0.06%)

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↑ Sell

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Gold Futures

2,254.80

42.10 (1.90%)

Summary

Buy

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Silver Futures

25.100

+0.002 (+0.01%)

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Copper Futures

4.0115

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

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Brent Oil Futures

86.99

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Natural Gas Futures

1.752

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US Coffee C Futures

188.53

-2.12 (-1.11%)

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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↑ Sell

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S&P 500

5,254.35

+5.86 (+0.11%)

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DAX

18,504.51

+27.42 (+0.15%)

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FTSE 100

7,952.62

+20.64 (+0.26%)

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Hang Seng

16,541.42

0.00 (0.00%)

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US Small Cap 2000

2,120.15

+5.80 (+0.27%)

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IBEX 35

11,074.60

-36.70 (-0.33%)

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↑ Sell

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Sell (5)

BASF SE NA O.N.

52.930

-0.320 (-0.60%)

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↑ Buy

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Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

Summary

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Siemens AG Class N

176.96

+0.04 (+0.02%)

Summary

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

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 EUR/USD1.0796Neutral
 GBP/USD1.2636Buy
 USD/JPY151.20↑ Sell
 AUD/USD0.6525↑ Sell
 USD/CAD1.3543↑ Buy
 EUR/JPY163.21↑ Sell
 EUR/CHF0.9733↑ Sell
 Gold2,254.80Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,910/ 8,080
(30/ 30) # 1,364
SJC HCM7,900/ 8,100
(0/ 0) # 1,384
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,386
SJC Danang7,900/ 8,102
(0/ 0) # 1,386
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,386
SJC Cantho7,900/ 8,102
(0/ 0) # 1,386
Cập nhật 29-03-2024 21:32:23
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$2,232.75-1.61-0.07%
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RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
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$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.600,0024.970,00
EUR26.020,0327.447,78
GBP30.490,4131.787,64
JPY158,93168,22
KRW15,9119,28
Cập nhật lúc 18:53:13 29/03/2024
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