Apple losing Netflix as a billing partner could negatively impact its services revenue, as it will no longer collect commission fees from Netflix subscriptions paid through iTunes. This could have a short-term negative impact on Apple's stock price, especially if other service providers follow Netflix's lead.

The move to direct billing could potentially streamline Netflix's revenue collection and improve margins by avoiding Apple's commission fees. However, the impact on the stock price is uncertain as it depends on subscriber reactions to the change and the ease of transition.