After Apple said customers spent a record amount in its App Store during the final days of the holiday season, shares of the Cupertino Colossus hit a new high on Wednesday.
App Store spending totaled $1.4 billion between Christmas Eve and New Year’s Eve, up 16% from the same period in 2018… Apple also said App Store spending on the first day of 2020 reached $386 million, a single-day record and a 20% increase from last year.
Gene Munster, a veteran Apple analyst and founder of Loup Ventures, said the App Store data are more evidence that Apple’s services expansion isn’t directly linked to iPhone sales, supporting his argument that the company’s shares should trade at a higher price-to-earnings multiple.
MacDailyNews Take: Yes, that’s an average of $200 million per day, $8.33 million per hour, $138,888 per minute, and $2,314 per second. On just the App Store. Not counting everything else.