Apple’s App Store Surges: 15% YoY Global Revenue Growth, Noteworthy 10% Increase in China – BofA Report

In February, Apple’s App Store revenues experienced a YoY growth of +15%, with China specifically witnessing a 10% increase, according to BofA.

According to SensorTower data, during the first 66 days of F2Q24, App Store revenues rose to $5.2 billion, reflecting an 8.4% YoY increase. Additionally, total downloads (combining iPhone and iPad) saw a YoY uptick of +1.2%, as reported by the bank.

Furthermore, there has been a 7.1% YoY upswing in Apple App Store dollars per download during the ongoing F2Q24.

The United States and China hold a commanding position, jointly contributing 57% to the total App Store revenue during this period. Specifically, the U.S. accounts for 32%, while China contributes 25%.

BofA expects a YoY growth of 11% in total services revenue for F2Q24, interpreting the enduring strength in Services as a positive long-term indicator.

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