Every year, Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL) pays for the placement of Google as the default search engine in web browsers. It files those payments under “traffic acquisition costs,” or TAC, on its income statement. Last year, Alphabet paid nearly $33 billion in TAC, and one company benefited greatly from those payments: Apple (NASDAQ:AAPL).
Apple collected around $10 billion in TAC payments last year, according to estimates from Bernstein…
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