Apple CEO Tim Cook announced this afternoon “July was a record-breaker for the App Store!”, saying it was the “highest-ever monthly billings and money paid to developers.”
Cook continued to say developers have now earned over $50 billion, adding “Congratulations on your success and such inspired creativity.”
Apple’s recent Q3 2016 saw revenue of $42.4 billion, with net profit of $7.8 billion. App Store sales during the quarter were up 37%, with games taking the majority of sales. Surely, Pokemon GO in-app purchases must have had an impact on sales in July.
Numerous Wall Street analysts saw positive signs from the quarter, and the future of Apple services, which are being propelled by a growing iPhone user base. Macquarie Group analyst Ben Schachter said, “The App Store is, and we suspect will remain, the fastest-growing and highest-margin (Apple) business for the foreseeable future.”
During the earnings call, Cook said their services business is on the rise, and by next year would be the size of a Fortune 100 company.