In a note to clients on Thursday, Wedbush analyst Daniel Ives writes that Apple’s move this week to ban the sales of its products in Russia will prompt “more tech stalwarts to head down the same path and pull the plug on Russia over the coming weeks given the horrific atrocities seen coming out of Ukraine.”
Ives writes:
While Apple has no stores in Russia the company sells through third party websites and partners/vendors. Apple and other tech giants have banned various Russia state controlled news outlets and apps from its App Store as well as removing traffic/live incidents from Apple Maps.
Taking a step back, the exposure to large tech stalwarts such as FAANG names and the software/chip ecosystem is a rounding error relative to the global footprint with our estimates that if the US tech world pulled the plug on Russia it would have a 1%-2% revenue impact in a worst case scenario. This is a move the Street would gladly applaud given the heartbreaking Ukraine invasion by Russia that is playing out in front of the world’s eyes.
Apple's move this week to ban the sales of its products in Russia we expect more tech stalwarts to head down the same path and pull the plug on Russia. We estimate if the US tech world pulled the plug on Russia it would have a 1%-2% revenue impact in a worst case scenario
— Dan Ives (@DivesTech) March 3, 2022
MacDailyNews Take: Yup.
Russia's GDP is less than Texas -$1.709B vs. $1.772B, respectively. Russia is small potatoes; a poor podunk nation w/, unfortunately, a bunch of aging nukes left over from yet another failed socialist state, headed by a despot w/ a raging Napoleon complex.https://t.co/WxyKhB2ezy
— MacDailyNews (@MacDailyNews) March 2, 2022
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