Bank of America said in a note Tuesday that Apple's (NASDAQ:AAPL) App Store revenue increased by 10.1% year-on-year (YoY) globally in December and 10.2% year-on-year in China.
Furthermore, analysts said that as per SensorTower data, App Store revenues in F1Q24 increased to $6.7 billion, or +2% year-on-year, with total downloads decreasing -6% YoY.
"In F1Q24 (91 days), we saw app store dollars per download increase +8.5% y/y," wrote the analysts. "Overall App Store trends improved y/y in December both Globally and in the US."
The analysts also noted that global gaming revenue declined -3.4% YoY in F1Q, while iPhone availability is elevated across all geos and models.
"We maintain Neutral as positive catalysts of new product introduction and stable iPhones are offset by a potentially weaker consumer spending environment," the analysts concluded.