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.
You can do great when you have users and developers over a barrel and force them to use you. Leveraging software sales with device sales.
Point being, by extension, that Congress may seek to break up the ever-growing Apple — even though it is not a monopoly — for its tight integration of devices products and delivery services just as Congress broke up early movie studios away from movie theaters.
The do have a monopoly on iOS application development and sales.