Apple Dips More Than 3% Even As Morgan Stanley Wonders If the App Store Bottomed in September

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Apple Dips More Than 3% Even As Morgan Stanley Wonders If the App Store Bottomed in September

seekingalpha2022-11-03

Apple shares continued to fall on Thursday, even as Morgan Stanley wondered whether September could mark the "bottom" for the App Store.Analyst Erik Woodring, who has an overweight rating and $177 ...

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TJTan
·2022-11-04
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phantom74
·2022-11-04
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EAvenue
·2022-11-03
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Gaming continued to be a sludge, with a 12% year-over-year decline, while other categories grew cumulatively 8% year-over-year.\"All in, October marked a 4th consecutive month of App Store net revenue declines, although we're closely watching App Store performance in the month of November to better gauge whether the 1 point improvement in [year-over-year] net revenue declines in October (vs. the month of September) means declines bottomed in September and can improve into year end,\" Woodring wrote.The analyst added that international downloads grew 2% year-over-year in October, despite roughly 30% price increases that Apple (AAPL) implemented earlier in the month across 25% of its App Store, including Japan, the EU and South Korea, due to weakening currencies.\"While we realize App Store downloads don't provide a perfect read into how international App Store behavior has changed following the early October pricing increases given it doesn't capture in-app purchases, it's a better 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