On August 4, BofA Securities analyst Wamsi Mohan noted that Apple could lose half of its estimated $20 billion yearly payment from Google if a court ruling prohibits Google from paying to remain Safari’s default search engine.

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	Forwarded this email? Subscribe here for more Apple may take a $10 billion hit from Google antitrust ruling, but BofA sees upside MacDailyNews Aug 5   READ IN APP   On August 4, BofA Securities analyst Wamsi Mohan noted that Apple could lose half of its estimated $20 billion yearly payment from Google if a court ruling prohibits Google from paying to remain Safari’s default search engine. Insider Monkey: ‎ “In our opinion, if Google is mandated to not pay Apple for anything related to search, then Apple could potentially lose half of the $20bn+ annual payment from Google. This amount is accounted for as part of Apple Services revenue (as Google TAC) and has a high drop-through to the bottom line (it’s a pure royalty type payment),” [Mohan wrote] The firm believes the ruling would only apply to the US, and that Apple should be able to receive payment for search traffic sent to Google outside the US. “We estimate that Apple may lose half of the $20bn since we believe the judge’s ruling would likely apply only in the U.S. (given the court’s jurisdiction) and we estimate about ½ of Google’s search Ad revenue comes from the U.S. Apple should still be able to get paid for search traffic sent to Google outside the U.S. In this scenario. We estimate that the potential loss $10bn+ would represent about 8% of Apple’s annual operating profit dollars,” [Mohan wrote] ‎ MacDailyNews Take: Mohan reiterated a “Buy” rating on Apple stock with a $240 price target. ‎ Please help support MacDailyNews — and enjoy subscriber-only articles, comments, chat, and more — by subscribing to our Substack: macdailynews.substack.com. Thank you! Support MacDailyNews at no extra cost to you by using this link to shop at Amazon. The post Apple may take a $10 billion hit from Google antitrust ruling, but BofA sees upside appeared first on MacDailyNews. Invite your friends and earn rewards If you enjoy MacDailyNews, share it with your friends and earn rewards when they subscribe. Invite Friends   Like Comment Restack   © 2025 MacDailyNews 548 Market Street PMB 72296, San Francisco, CA 94104 Unsubscribe