Apple App Store Revenue and Downloads Exceed Expectations, Validating Buy Rating
Apple’s App Store has been making waves lately, with its revenue and downloads surpassing expectations. J.P. Morgan analyst Samik Chatterjee is feeling bullish about AAPL stock, maintaining a Buy rating on January 3rd. The App Store revenue saw a solid 3.6% quarterly boost at the end of December 2024, exceeding the historical average growth and showing a 15% year-over-year increase. This growth outperformed both J.P. Morgan’s estimate and the consensus expectations of 13%. Even though there was a slight drop in App Store downloads for the quarter, they still managed to beat historical trends by showing a 7.8% increase year-over-year. Although December was a bit slow, the strong performance in October and November exceeded seasonal forecasts. These positive trends in revenue and downloads paint a promising picture for Apple’s financial future, backing the Buy rating given by Chatterjee.
Bank of America Securities also chimed in with a Buy rating on AAPL stock and a $256.00 price target in a report released on January 3rd. It looks like the future is looking bright for Apple thanks to its solid App Store performance. Don’t miss out on keeping an eye on Apple and other top-performing stocks with TipRanks. Stay informed and make smart investment decisions to secure your financial future.
