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Apple App Store Achieves Record Setting Revenues in July

Apple App Store Achieves Record-Setting Revenues in July

By NDTV Correspondent | Updated: 6 August 2014 11:43 IST

In a chat with CNBC, Apple CEO Tim Cook stated that the App Store achieved record-setting revenue numbers in July. This positive trend was outlined in last month's earnings report where Cook stated that iTunes is the company's fastest growing business thanks to strong results from the App Store (tags- App Store).

Cook also tweeted about the record-setting numbers with a link to the CNBC article. He said, "Thanks to our amazing developer community! Apple says July was record-setting month for app store revenue."

In July, Apple saw "a record number of customers making transactions" on the App Store. In the company's third quarter earnings report, Cook mentioned that iTunes saw a 12 percent increase every year, and that the business achieved $4.5 billion in revenue during the quarter.

At the earnings report, Cook also stated that the App Store has hit 75 billion downloads till date, and around $20 billion has already been paid to developers. Almost half of that amount was paid in the last 12 months.

Expressing his happiness at the record numbers, Cook told CNBC, "I couldn't be happier. This is the best execution of any quarter since I've been at Apple."

Recently, the company also completed the acquisition of Beats Music. It closed its $3 billion deal for Beats on August 1.

However, it is not a complete bed of roses for the App Store and Apple since the European Commission had earlier stated that Apple should do more to tackle the in-app purchases problem.

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