Morgan Stanley’s Katy Huberty says that Apple’s App Store is trending ahead of forecasts in May, after a weaker-than-expected April. This could be a sign that Apple is on track to outperform in the company’s third fiscal quarter.
Mike Peterson for AppleInsider:
Lead analyst Katy Huberty says that App Store net revenue is clocking in five points ahead of her original 7% year-over-year May forecast. The uptick comes after a weaker growth in April.
Because of that, growth has to hold just 5% year-over-year to meet the bank’s June quarter forecast. This suggests an upward bias to Services in the June quarter and results that outperform Morgan Stanley’s expectations…
“We are encouraged by the month-to-date App Store performance as it implies engagement is exceeding our expectations despite measures to fight the COVID-19 pandemic being rolled back. And with a 3-point easier Y/Y comp in the month of June, we believe it is likely that App Store outperforms our forecast by quarter end,” Huberty wrote.
MacDailyNews Take: Maybe with another quarterly beat, due at the end of June, Apple’s stock price will actually go up?
Hope springs eternal in the palatial halls of the MacDailyNews headquarters.
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