App Store experienced sharp revenue drop in September, Morgan Stanley says

TL;DR

Woodring said gaming was the biggest reason for the decline as the sector plunged 14% year-on-year in revenue.The analyst’s remarks were based on data from Sensor Tower, which told TechCrunch that Apple registered nearly $6.9 billion in revenue for the month of September — down from $7.2 billion last year.It said that the percentage difference between its own analysis and Morgan Stanley’s note is likely due to rounding.Morgan Stanley has blamed the global downturn in the economy for the declining revenue of the App Store.“We believe the recent App Store results make clear that the global consumer has somewhat de-emphasized App Store spending in the near-term as discretionary income is reallocated to areas of pent-up demand,” Woodring wrote in the note."

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