The only way I'd agree to "no negative effect" is to say that:
1) all FANGs are effectively dropping in profits, and it's because of "net-revenue": if revenue is up, it's because of new loans, new future financial obligations.
2) One exception is Facebook BUT profit growth certainly isn't what it used to be. And they certainly weren't shy about new loans either.
3) Another different exception is Apple BUT it's "very Apple" financial results: all Apple revenue sources are dropping, some fast, except for one: "services". And, yes, that one new revenue source is making up, for now, for the losses everywhere else. Does anybody seriously believe this can last more than a few quarters though?
I get that apple wants the "big new thing" every decade or so. But I find it very hard to believe that service revenue increase can be the big new thing for even 2-3 years without angering every last customer Apple has. The iPhone was a total homerun, and I just refuse to believe that "service" can be even the palest of shadows compared to that.
(just so we're clear: I applaud Apple for continuing to innovate, even on product lines dropping in revenue for years, that every MBA on the planet would mass-layoff the shit out of and suck the customers dry in an attempt to extract every last dollar they can)
(P.S. Apple is an exception because they haven't done layoffs, which is what's supposed to make the difference. It certainly made SOME difference, but is it big enough? Time will tell)