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9/13, 8:38 PM (Source: TeleTrader)
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Apple: TV Plus will not have 'material impact' on earnings

Tech giant Apple Inc. denied that the introduction of its TV Plus service would adversely affect its earnings, CNBC reported on Friday.

The Cupertino-based company was responding to a call by Goldman Sachs earlier in the day, which cut its price target for the tech company from $187 to $165 per share, due to the "material negative impact" the iPhone maker's accounting method for its upcoming TV Plus service would have on its earnings. However, Apple said that it did not expect the introduction of TV Plus and the accompanying accounting treatment to have a "material impact" on its financial results.

Apple announced its TV Plus service at its event on Tuesday. The feature, which will be launched on November 1, will cost $4.99 per month and will be available in over 100 countries.

Breaking the News / DZ