FILE PHOTO: CEO Tim Cook presents the Apple TV, Plus a trailer for “Seen” at an event at its headquarters in Cupertino, California September 10, 2019. REUTERS/Stephen Lam
(Reuters) – Apple Inc on Friday, challenged it to a Goldman Sachs research note, which stated that the company plans to take account of the trial of the new streaming service for Apple TV have a material adverse effect on the results.
“We do not believe that the introduction of the Apple TV, including how to account for the service, to have a material impact on our financial results,” Apple told Reuters.
Goldman Sachs had cut its price target on Apple, saying its plans are in order to take into account with the new Apple TV would probably be a pain in the average selling price, gross margin and earnings per share.
The company’s shares, which fell as much as 2.7 percent on the day, cutting losses by more than 1% on the news. They were last down 1.7% at $219.17, in the afternoon of the business.
A spokeswoman for Goldman Sachs, said the bank declined to comment on the case beyond what was said in an analyst note.
Reporting Arjun Panchadar in Bengaluru; Editing by shailesh Kuber