This Apple Analyst Deep Dives Into Latest App Store Data

Shares of Apple Inc AAPL have been in focus ahead of the company’s inaugural mixed-reality headset, Vision Pro, hitting stores in February.

SensorTower data showed Apple’s App Store revenues growing to $6.7 billion in the first quarter of fiscal 2024, representing 2% year-on-year growth, according to BofA Securities.

The Apple Analyst: Wamsi Mohan maintained a Neutral rating on Apple and a price target of $208.

The Apple Thesis: In December, App Store revenues grew by 10% year-on-year globally and by a similar rate in China, Mohan said in a note.

Check out other analyst stock ratings.

While revenues grew in the quarter, total downloads fell by 6% year-on-year, with dollars per download increasing 8.5% year-on-year, the analyst stated.

“In F1Q24, App store gaming revs declined 3.4% y/y to $3.6bn and accounted for only 53% of total App store rev vs. 56% a year ago,” Mohan wrote. “iPhone 15 Pro availability is at or near highs since the launch in September while iPhone 15 availability appears to have come down a bit from its peak in mid-November for the US, Canada, and Europe,” he added.

The analyst further stated that “positive catalysts of new product introduction and stable iPhones are offset by a potentially weaker consumer spending environment.”

AAPL Price Action: Shares of Apple were down 0.6% to $184.30 at the time of publication Tuesday.

Now Read: EXCLUSIVE: Bitcoin ETFs On The Horizon - It's 'The Most Important Thing,' Says Bitwise CIO

Photo: Shutterstock