UBS says Apple's App Store revenue grew 5% year over year in September, an improvement from no growth in August, though analyst David Vogt, who rates Apple Neutral with a $296 price target, says it is too early to draw broader conclusions. For the full quarter, App Store revenue rose about 2%, marking a second consecutive quarter of low-single-digit growth and roughly 150 basis points slower than the prior quarter. October will be a more important test, with comparisons about 180 basis points tougher and the first full month of App Store changes in the EU, a region that accounts for just over 10% of trailing twelve-month App Store revenue. At 37.69x forward earnings, Apple trades at a roughly 28% premium to its 5-year average P/E of 29.54x, a valuation that requires stronger growth than low-single-digit App Store gains. Hedge fund interest was broadly stable, slipping from 170 funds at the end of Q1 2026 to 169 at the end of Q2 2026, while short interest stood at just 0.88% of float as of September 15, 2026.
Apple Inc.UBS reports Apple App Store revenue grew only 5% in September and ~2% for the quarter, a second straight quarter of low-single-digit growth, with a tougher October ahead.
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UBS Group AGUBS is the analyst firm issuing the Apple App Store revenue note and Neutral rating; mentioned only as the source, not a subject of impact.
