摩根大通：Apple App Store Tracker_9 月收入高于季节性趋势，而 C3Q24 收入与预期一致；支持 C3Q24 服务收入预测

Investment Rating - The report assigns an "Overweight" rating to Apple (AAPL) [1]. Core Insights - Apple's App Store revenue for September showed a year-over-year increase of +13.8%, marking the eighth consecutive month of double-digit growth [2]. - For the third quarter of fiscal year 2024 (C3Q24), App Store revenue rose +4.6% quarter-over-quarter, supporting the forecast for Apple's services revenue [2]. - App Store downloads increased by +7.1% quarter-over-quarter in C3Q24, exceeding historical averages [2]. - Average Selling Prices (ASPs) for the App Store declined by -2.3% quarter-over-quarter in C3Q24, although they rose +7.5% year-over-year [2]. Summary by Sections App Store Revenue Trends - September App Store revenue declined -2.7% month-over-month, which is better than the historical average decline of -3.6% [2]. - Year-over-year revenue for September increased by +13.8%, compared to +13.6% in August [2]. - C3Q24 App Store revenue increased by +4.6% quarter-over-quarter and +13.2% year-over-year [2]. App Store Downloads - Downloads rose +7.1% quarter-over-quarter in C3Q24, compared to a historical average increase of +2.5% [2]. - Year-over-year downloads increased by +5.4% in C3Q24, marking the ninth consecutive quarter of growth [2]. Average Selling Prices (ASPs) - ASPs declined -2.3% quarter-over-quarter in C3Q24, contrasting with a historical average increase of +2.8% [2]. - Year-over-year ASPs rose +7.5% in C3Q24, marking the seventh consecutive quarter of increases [2].