App Store revenue growth may no longer be a sure thing
Apple’s shares declined $2.69 or 1.75% to $150.65 on the report as investors feared that App Store revenue might no longer deliver strong growth on a consistent basis. The three-month period that ended October 30th included a tough September for the App Store as revenue declined 5% that month on a year-over-year basis. The App Store’s top line for September was hurt by a 14% drop in games revenue.
One might argue that with less concern about COVID, more people are going out instead of sitting home and playing games on their phones and tablets.