Home US Stocks Apple Inc. (NASDAQ:AAPL) Apple Set to Rally

Apple Set to Rally

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aapl, nasdaq:aapl, Apple Inc. (NASDAQ:AAPL), ipad, iphone 7, news, latest, live, trading

Apple on Wednesday said a dizzying $1.8 billion was spent on digital goods and services at its App Store between Christmas Eve and the end of December.

Word of the stellar holiday week at the exclusive gateway onto Apple devices comes as the iPhone maker defends itself against concerns that its control over the App Store is monopolistic.

Thai people wearing face masks walk in a overhead bridge in Bangkok, Thailand, Wednesday, Jan. 29, 2020. Tourism Council of Thailand said Tuesday that new coronavirus outbreak estimated to cost 50 billion Bhat (1,613,892 US Dollars) in lost tourism income for Thailand’s economy due to China’s blanket ban on tourists leaving its effected cities. (AP Photo/Gemunu Amarasinghe)

“Now more than ever before, customers around the world have found inspiration and value in the breadth and quality of Apple services, which have impacted their lives in big and small ways every day, Apple senior vice president of internet software and services Eddy Cue said in a blog post.

“We’re incredibly optimistic about where we’re headed, and we believe that the opportunities for developers and the creative community are endless, as are the positive and meaningful benefits to our customers.”

Videoconferencing app Zoom and the Disney+ app for the entertainment giant’s streaming television service were listed among the most downloaded apps at the App Store last year, as the pandemic had people tending to work, play, and education from home.

App Store revenue during the holiday week was driven strongly by games, with hot titles including “Among Us” and “Roblox,” the Cupertino-based company said.

App Store sales set a new single-day record of over $540 million on New Years Day, according to Apple.

“Apps have become more essential than ever,” Apple said in the post.

“Developers found new ways to keep people connected, help them learn and work from home, stay fit and well, and provide much-needed entertainment.”

Developers have earned more than $200 billion at the App Store since it launched 12 years ago, according to Apple.

But Apple’s policies have been coming under increasing scrutiny.

The news comes with Apple and the developer of the blockbuster game Fortnite, Epic Games, fighting in court over whether the California-based company’s tight control of its App Store.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.