Apple's App Store Revenue Growth Is Accelerating

Apple's (NASDAQ: AAPL) focus on services is paying off. The company saw its largest monthly acceleration in App Store revenue since early 2015, according to data from Sensor Tower cited in a new note from Morgan Stanley analysts.

Consumers spent 28% more on apps in August this year than last year, accelerating from 18.9% year-over-year growth in July. That's considerable growth for one of Apple's oldest services. Apple's total services revenue increased 15.9% through the first nine months of the fiscal year, and App Store revenue contributes more to the bottom line than most other sources of services revenue.

Image source: Apple.

Continue reading

Source Fool.com