Apple’s (NASDAQ:AAPL) global App Store revenue increased 13% year over year to $7.5B during Q3 fiscal 2024 as the European Union’s Digital Markets Act has done little to dampen growth.
“One-hundred-twenty-three days into the compliance date for Apple, there seems to be minimal effects on downloads of web browsers,” said BofA Securities analyst Wamsi Mohan, in a Tuesday note.
“Looking at all EU app store data, total downloads increased +6% y/y while App store rev increased 28% y/y during the period,” Mohan added. “So far downloads of alternate browsers remain small in EU and overall consumer behavior post DMA remains largely unchanged.”
Meanwhile, App Store revenue increased 10% in China during the month of June, according to SensorTower data analyzed by BofA.
Global gaming revenue increased by 7% to $3.9B for the quarter-ended June 30. Gaming accounted for 51% of App Store revenue during the quarter. App Store dollars per download increased 9% year over year for the quarter.
Apple’s Services revenue increased 14% for the quarter in question, according to a BofA model, which was another bullish indicator.
As a result, BofA maintained its Buy rating on the stock and a price objective of $230.
Read more on the DMA here.