Apple share price increases after impressive app store sales data
January 9, 2020 | Investopaper
The shares of Apple Inc. has now doubled over the past year as it made another record this Wednesday. The major reason behind the surge of Apple shares is the company’s impressive report on its app store sales.
The App Store customers spent $1.42 billion during the holiday season period which is a 16 percent increase from last year’s sales, the company said. Hence, the holiday period between Christmas Eve to New Year Eve was hugely fruitful for the company and this was the reason behind the latest increase in the stock price. Likewise, the app store customers also spent a record of $386 million on a single New Year Day. This also marked growth by 20 percent compared to last year’s sales.
The company also reported that the app developers have earned over $155 billion since 2008 when the App Store was launched. Out of this amount, around $39 billion was recorded in 2019.
The Apple stock price rose by 1.6 percent to close at $303.19 this Wednesday. So, in the one year period, the price has surged by 101.1 percent now.
