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A customer looks at the Apple iPhone XS in the Apple Store in Tokyo, Japan.
Issei Kato | Reuters
Apple's iPhone sales may be slowing, but the company's App Store activity could post better revenue growth than expected in the September quarter, have Morgan Stanley analysts said in a note on Friday.
Morgan Stanley has brought up a new study from Sensor Tower's application data tracking company, which shows that the App Store month's revenue for August recorded the strongest growth of a year in the world. the other since February 2018 and the strongest acceleration from one month to the next since the beginning of 2015. The company has maintained its overweight and price target of $ 247 on Apple's stock .
The report comes as Apple increasingly supports the benefits of non-material products. Revenue from services, such as the App Store, Apple Care, Apple Pay, iCloud and Apple Music, contribute even less to the business than the iPhone, but should become more and more important over time.
Data from Sensor Tower indicate that the growth of the App Store's turnover accelerates by 28% compared to the month of August, a significant increase compared to July, the year. during which it had recorded a turnover growth of 18.9%.
"Even considering expectations [foreign exchange] The App Store's sales figure is expected to exceed our September forecast for the month of September, which was + 18% year-over-year, but would become easier in the month of September, "said L & # s Morgan Stanley analyst, Katy Huberty.
The entertainment category of the App Store has recorded a 28% growth in its turnover year-on-year, against 8.3% in July, which should help ease investors' fears about companies entertainment "bypassing the billing platform of the" App Store, "Huberty said. Spotify and Netflix have led the charge of companies seeking to avoid large app stores because of their built-in purchase rules.
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