CNBC:

Apple disputed the negative call by Goldman Sachs on Friday, which hit the stock, taking issue with the firm’s negative characterization on how Apple would account for its new TV+ service.

Goldman said that the one-year free trial of the TV+ service would have a “material negative impact” on earnings by showing lower hardware profit margins. Goldman believes that this issue will send the stock significantly lower, so the firm cut its 12-month price target.

“We do not expect the introduction of Apple TV+, including the accounting treatment for the service, to have a material impact on our financial results,” the company said in a statement to CNBC.

Interesting that Apple felt the need to respond to the Goldman Sachs call.