Apple Incorporated shares recently set a new upper limit for the company’s share value. This is all thanks to Apple’s customer base who spent a record-setting amount towards the end of the current holiday season. Apple claims that App store spends recently totalled 1.4 billion USD between Christmas and New Year’s. The spend during the same season last year was sixteen percent comparatively lesser. The stock value rose as much as 1.6%. and total gains since 2018 to 92%.
Apple has marked 2019 as a year of service offerings, because of the introduction of Apple Arcade, Apple TV+, Apple News+ and Apple card to the world. The App store, Apple music, iCloud and Apple air pods saw the creation of experiences only apple can deliver to their customer base.
According to Wedbush Securities Analyst, Daniel Ives, the rising spends on apps and the commercial success of smart wearables like the AirPods have helped Apple generate good revenue despite slow iPhone growth. He said that that the strength of the Cupertino based giant lay in monetized their golden base of 925 million iPhones across the world.
Gene Munster, famous analyst and founder of Loup ventures said that App store data is evidence that Apple’s service expansion is no longer linked directly only to iPhone sales and that the company’s shares should be traded at a higher multiple.
Apple also recently said that App store spends on the first day of 2020 touched 386 million USD, a record for sales in a single day and an increase from past years.
Eddy Cue, Apple’s senior vice president of Internet Software and Services said “2019 was the biggest year for Services in Apple’s history. We introduced several exciting new experiences for our customers, all while setting the standard for user privacy and security; We begin the new decade with incredible momentum and gratitude to our customers who have shown such enthusiasm for all of our Services, and we continue to celebrate the work of the world’s best creators, storytellers, journalists and developers.”
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