From a note to clients by analyst Wamsi Mohan that landed on my desktop over the weekend:
Google announced that, going forward, all subscription-based Apps will pay a 15% fee, which is lower than the current 30% fee. Apple already charges a 15% fee for subscription Apps, but from the 2nd year of service. In the first year, the fee is 30%. We estimate a small impact to annual earnings per share (of approx. $0.03) if Apple were to also lower the first year fee for subscription Apps to 15%. Games make up the largest share of App Store revenues and any policy change impacting Gaming Apps could have more impact.
Maintain Neutral rating and $160 price target.
My take: Water off a duck's back.