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Apple’s App Store revenue rises 14% in October

MacDailyNews

Nov 8

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Apple’s App Store revenue experienced a 14% year-over-year increase in October, excluding currency fluctuations. This solid performance, highlighted by investment firm UBS, indicates continued growth in the App Store’s revenue.

Chris Ciaccia for Seeking Alpha:
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“Mid-teens growth despite a tough YoY comp (Oct-23 + ~13.5%), similar to the month of Sept, is a solid result in our view,” analyst David Vogt wrote in a note to clients about the data, which was released from intelligence firm Sensor Tower. “However, we remain cautious considering that the rest of the Dec quarter faces similarly challenging comps in the ~13% range while iPhone sell-through is unlikely to accelerate, typically a source of incremental App Store demand.”
“Broad-based strength drove global App Store growth App Store growth in both the US and [the rest of the world] was ~15% in the month of [October],” Vogt added.

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MacDailyNews Note: Vogt, who maintains a Neutral rating on Apple with a $236 price target, believes it’s too soon to attribute the strong App Store performance to the recent release of Apple Intelligence in iOS 18.1. However, he acknowledges that the growth is a positive indicator compared to Apple’s projected performance for its Services segment.

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