Apple touts strong App Store revenue finish to 2019 ahead of Q1 results, strong services, iPhone 11 demand

Apple said its App Store customers spent $1.42 billion between Christmas Eve and New Year’s Eve, up 16% from a year ago, in what the company added was an illustration of its pivot to services. Indeed, Apple’s services revenue has surged in calendar 2019 as the company aims to offset a plateau in iPhone sales. Increasingly, Apple devices are just a conduit to sell you subscriptions. Apple didn’t outline its services revenue, but the company will deliver its financials results on Jan. 28. Apple said App Store customers spent $386 million on New Year’s Day, up 20% from a year ago. Developers have earned more than $155 billion since the App Store launched in 2008 with a quarter of that sum in 2019. Wedbush estimates that Apple will deliver services revenue of $53.65 billion in fiscal 2020 and sales of $12.7 billion for the first quarter ending Dec. 31. Apple’s services business includes Apple Arcade, Apple TV+, Apple News+ and Apple Card as well as Apple Music and iCloud. Apple has bundled free annual subscriptions with the purchase of new devices to jump start Apple TV+. The company will outline more about its services business when it reports its fiscal… Read full this story

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