The net revenue for the Apple App Store grew 16.1% year-over-year in September according to data from Sensor Tower data shared with Morgan Stanley.
Mike Peterson for AppleInsider:
In a note to investors seen by AppleInsider, Morgan Stanley analyst Katy Huberty cites Sensor Tower data indicating that App Store net revenue grew 16.1% year-over-year in September. That’s four points ahead of her forecast and a four-point acceleration from the 12% year-over-year growth seen in July and August.
Nearly all of the App Store’s largest market regions saw growth accelerate in September. Importantly, net gaming revenue in China also accelerated despite new regulations curbing the amount of time kids are allowed to play games in the country.
The Sensor Tower data suggests 30 basis points of outperformance versus her Services estimates for the September quarter. It also clocks in at 110 basis points of outperformance versus Huberty’s September App Store forecast.
Despite the strength, Huberty has left her App Store and Services forecasts unchanged for now. However, the additional 30 basis points would drive her Services forecast for the September quarter to $18.8 billion — about 2.3% ahead of consensus expectations… Huberty maintains her 12-month Apple price target of $168.
MacDailyNews Take: In a nutshell: The Apple locomotive remains unstoppable and AAPL is currently on sale.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
It’s difficult to tell if Apple is making any money as the share price keeps sliding. Apple doesn’t seem to be stirring up much interest with investors.