Apple Is Downloading Money at a Record Pace


On Apple’s (NASDAQ:AAPL) last quarterly conference call, in October, CEO Tim Cook predicted that “it’s going to be an iPad Christmas.” The world’s largest technology company often receives a great deal of attention for its gadgets that routinely sell like winter gear during a polar vortex, but investors should not ignore Apple’s impressive App Store.

Apple announced Tuesday that customers spent more than $10 billion on the App Store in 2013, the biggest haul since Apple first launched the store in July 2008. In fact, revenue in December alone totaled $1 billion. App Store customers downloaded almost 3 billion apps in December, making it the most successful month in App Store history.

“We’d like to thank our customers for making 2013 the best year ever for the App Store,” said Eddy Cue, Apple’s senior vice president of Internet Software and Services. “The lineup of apps for the holiday season was astonishing and we look forward to seeing what developers create in 2014.”