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Apple's App Store Clocks Holiday Sales of $1.8 Billion

From Christmas Eve through New Year’s Eve, Apple’s App Store customers spent $1.8 billion on digital goods and services, particularly on games.

Tech giant Apple  (AAPL) - Get Apple Inc. Report on Wednesday reported App Store sales of $1.8 billion for the recently concluded holiday season with New Year's Day accounting for 30% of the spending.

IOS App Store users spent more than $540 million on digital goods and services on New Year’s Day alone, the company said.

Spending on gaming apps like "Roblox" and "Among Us" contributed to the record sales for the week from Christmas Eve through New Year's Eve. 

Apple Books clocked over 90 million monthly active users, the company said in a blog post

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Apple did not share subscriber numbers for Apple TV streaming, Apple Music and Apple Fitness+.

"Now more than ever before, customers around the world have found inspiration and value in the breadth and quality of Apple’s services,” Eddy Cue, senior vice president of Internet software and services at the Cupertino, Calif., tech giant, said in a statement.

On Jan. 5, Credit Suisse analyst Matthew Cabral raised his share-price target on Apple stock to $120 from $106, affirming his neutral rating, led by demand for iPhones and other products.

Last month, Apple's App Store and Alphabet's  (GOOGL) - Get Alphabet Inc. Class A Report Google Play together saw spending increase 34.5% on Christmas Day, to $407.6 million from $303 million in the year-earlier period, the Sensor Tower blog reported. 

Apple shares recently traded at $129.60, down 1.1%. They had soared 81% in 2020 amid strong demand during the covid pandemic.