Apple’s (AAPL) App Store revenue in fiscal Q1 rose 2% to $6.7 billion, BofA Securities said Tuesday in a report, citing Sensor Tower data.
Fiscal Q1 had 91 days while the same period a year earlier had 98 days, the report said. App Store revenue in December rose about 10% both globally and in China, BofA said.
In Q1, App Store gaming revenue decreased 3.4% to $3.6 billion and made up only 53% of total revenue compared with 56% a year earlier, the report said. The one less week in Q1 drove the drop, the bank said.
App Store revenue trends in December also improved in the US, BofA said.
The investment firm kept its neutral rating on Apple as “positive catalysts of new product introduction and stable iPhones are offset by a potentially weaker consumer spending environment,” according to the report.