According to BofA Securities analysts, Apple's (NASDAQ:AAPL) App Store revenue has shown stronger growth in Q3. The analysts shared information from SensorTower data, indicating that in Q3 App Store revenues reached $6.6 billion, representing a 5.9% year-over-year increase. Total downloads (iPhone + iPad) also saw a 4.3% year-over-year increase.

The analysts highlighted that in the month of June, App Store revenue in China experienced a 7.5% year-over-year growth. Additionally, in Q3, there was a 1.5% year-over-year increase in app store revenue per download.

The analysts noted that App Store trends slightly improved in the June quarter compared to the March quarter. The bank maintains a Neutral rating on Apple shares with a $190 price target as they believe that while positive catalysts such as the introduction of new products like the AR/VR headset and stable iPhone sales exist, there is also the potential for a weaker consumer spending environment in the second half of 2023.