“Apple announced on Jan. 4 that its App Store set a new single-day sales record on Jan. 1 with $322 million generated in the first 24 hours of the new year,” Natalie Walters writes for The Motley Fool. “The downward revision of Apple’s quarterly guidance was mostly due to weaker-than-expected iPhone demand, particularly in China. So it’s smart for Apple to remind investors that it has other growing revenue streams such as the App Store, which falls under its services revenue.”
“The App Store did $1.22 billion in sales in the week between Christmas Eve and New Year’s Eve, setting a new sales record for the holiday week,” Walters writes. “And that led into the single-day sales record of $322 million on New Year’s Day.”
“Customers’ spending on the App Store in 2018 helped Apple’s services revenue hit an all-time record of $10.8 billion for the holiday quarter. That represented an 8% increase from its previous services revenue record of $10 billion that it hit in the previous quarter, announced on Nov. 1,” Walters writes. “In addition, a number of other Apple services businesses broke sales records, including Apple Music, iCloud, and Apple Pay. Apple said the quarterly results show it’s on track to hit its goal of doubling the size of its services revenue in the period between 2016 and 2020.”
Read more in the full article here.
Apple’s services are starting off the year like gangbusters!
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]