Data from SensorTower quoted by Bank of America on Friday shows Apple's (AAPL, Financial) App Store revenue climbed 12.7% year-over-year internationally in December, helping the company's fiscal first quarter to rise 15%. The worldwide increase was driven, according to Bank of America analyst Wamsi Mohan, by areas including the European Union (29%) and the United States (14% year-over-year growth). With sales jumping 90% and 46%, respectively, Turkey and Thailand also had notable increases year over year.
According to Mohan, even China—where Apple has been struggling with hardware issues—showered a 7.2% year-over-year revenue rise during the quarter. With a $256 price target, the analyst reiterated a Buy recommendation on Apple. Apple shares dropped 0.5% in premarket trade Friday, notwithstanding the good App Store performance. Even with headwinds in its hardware sector and slower expansion in certain important areas, Apple's robust App Store growth demonstrates ongoing demand for digital services.
