Apple App Store Growth Slows in US, Global Trends Hold Up, UBS Says

MT Newswires Live04-08

Apple's (AAPL) App Store revenue grew about 7% in the March quarter from a year earlier, weighed down by flat trends in the US, UBS Securities said Monday in a report.

The UBS analysis, based on Sensor Tower data, showed global App Store growth improved modestly from the prior quarter, helped by easier comparisons. Foreign-exchange-neutral growth was around 5%, in line with the December quarter, reflecting a currency tailwind, the report said.

US App Store revenue slowed sequentially, while stronger international growth of about 11% helped offset the domestic weakness, the report said.

Despite softer App Store trends, UBS kept its Services growth outlook unchanged, citing strength in advertising, payments and cloud, as well as rising contributions from AI-driven applications.

UBS maintained its neutral rating on Apple stock with a price target of $280.

Price: 251.38, Change: -7.48, Percent Change: -2.89

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