Apple App Store's Net Revenue Growth Slows Down in December

Apple App Store Revenue Growth Slows in December

According to Goldman Sachs, Apple Inc.'s (NASDAQ: AAPL) App Store experienced a slowdown in net revenue growth, rising by 5.7% year-over-year in December, down from 6.1% in November. Spending patterns varied across Apple's major markets during this period.

Analyst Insights

Michael Ng, an analyst at Goldman Sachs, continues to recommend buying Apple shares and has set a price target of $320.

App Store Performance Overview

Ng noted that December marked the weakest month for App Store spending growth in 2025, falling short of the average December growth rate of 9.6% observed between 2022 and 2024.

In the fourth quarter of 2025, App Store net revenue increased by 7% compared to the previous year, representing the slowest quarterly growth since the first quarter of 2023.

Regional Spending Trends

While consumer spending in the United States remained steady, App Store revenue growth in China and Japan weakened. In China, spending dropped by 5% year-over-year, compared to a 1% decrease in November. Japan saw a 3% decline, following a 2% drop in the previous month.

Apple Stock Update

At the time of reporting on Tuesday, Apple shares had fallen by 1.69% to $262.74.

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