Apple sees rising App Store, services sales ahead of quarterly results
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Apple's (NASDAQ:AAPL) App Store, the key to so much of the company's services business success, is continuing to show strong performance in revenue and app downloads, but its growth is also expected to slow slightly in the months ahead.

That's the opinion of Bank of America analyst Wamsi Mohan, who on Wednesday said that industry data from researcher Sensor Tower suggest Apple (AAPL) brought in $6.4 billion in App Store revenue during its 2022 fiscal first quarter, which covers the final three months of 2021. Mohan said those sales represent a 12% increase over the same period in 2020.
Mohan also said the data shows 8.2 billion App Store downloads during the quarter, up 5.5% on a year-over-year basis.
With regards to where App Store revenue coming from, Mohan said the United States accounted for 31% of such sales during the just-completed quarter. China came in second place, with 25% of App Store sales during the period.
Mohan said services, which trail only the iPhone in terms of Apple's (AAPL) sales, appear to have grown 22% in the company's first quarter. However, Mohan said services sales growth rates are likely to decline slightly through the first half of this year as services such as Apple TV+ and Fitness+ subscriptions "scales in user content and features."
Apple (AAPL) shares were down slightly in Wednesday's stock market session. The company's market cap is down by more than $200 billion since it became the first company ever to reach a $3 trillion valuation earlier this month.