Apple Inc struck out at a Goldman Sachs Group Inc analyst on Friday in a relativ...
) analyst on Friday in a relatively rare public dust-up between a blue chip Wall Street firm and its client.
In response, Apple said it does “not expect the introduction of Apple TV+, including the accounting treatment for the service, to have a material impact on our financial results.” Goldman Sachs has underwritten more bond issuances for Apple in the last decade than any other investment bank, worth some $44 billion, according to financial data provider Refinitiv.
Every bank formally separates its equity research and investment bank divisions because of laws passed in the early 2000s that aimed to protect the independence of the equity analysts from investment bankers, who are often covering the same companies with different agendas. At the beginning of its fiscal year, Apple changed where it accounts for the value and costs of free services - like Apple Maps - and moved it into its services segment. Previously this was accounted for under the individual products.
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