Apple Inc. shares raise high after the company said customers spent a record amount in its App Store during the final days of the holiday season. App Store spending totalled $1.4 billion between Christmas Eve and New Year’s Eve, up 16 per cent from the same period in last year. The company’s shares rose as much as 1.6 per cent, pushing its gains since the end of 2018 to 92 per cent.
The App Store data are more evidence that Apple’s services expansion is not directly linked to iPhone sales, supporting his argument that the company’s shares should trade at a higher price-to-earnings multiple. Apple said App Store spending on the first day of 2020 reached $386 million, a single-day record and increase 20 per cent from last year.
Apple started to go all-in on services. Apple has launched services of gaming services such as Apple Arcade, a news offering called Apple News+, its own Apple+ TV service and even expanded its financial services with an Apple-branded credit card.
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