Investors predict Q2 to be a great quarter for the App Store and apps

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According to a research note from Morgan Stanley investment bank seen by AppleInsider ,Q2 for the App Store may have one of its best quarters on record. The report says:

For one, preliminary data shows that App Store growth is off to a strong start in the June quarter, with net revenues growing at least 31% year-over-year to $1.7 billion. That’s well above the company’s previous 18% year-over-year forecast.

Total App Store downloads also grew 40% from the year-ago quarter, the largest growth since Morgan Stanley began tracking download data in 2015. The analyst does expect App Store growth rates to peak in the June quarter as countries began to ease coronavirus lockdown measures — the primary factory that Huberty believes is driving the outperformance.

The bank says that after it conduced a mass survey it found that last week, customer intention to spend money on online apps and services reached their highest levels.

According to 2,000 respondents surveyed by Morgan Stanley’s AlphaWise service, current and future consumer electronics spending intentions have reached their highest levels last week due to more respondents saying they’ll spend more and fewer expecting to spend less.

None of this should come as a surprise. Apple reported last week one of its best quarters for online services amid lockdown resctrdions around the world. The bank via AppleInsider says it will keep an eye out on “metrics like early Apple supply and demand data points from China and IT hardware data from IDC.” in the coming weeks.

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Sami
Sami started falling in love with Apple in 2010 with the iPhone 4S. As a registered developer, he deeply admires the world of Apple. Sami is an aspiring journalist, writer, and actor. He also has devoted his life to sharing his passion and knowledge with others around the world.