UBS analysis shows Apple’s App Store growth decelerated sharply, with US revenue declining 6% year-over-year amid broader Services segment resilience.
Apple’s App Store revenue growth slowed to approximately 3% year-over-year in the June 2026 quarter, down 440 basis points from the prior quarter, according to third-party data analyzed by UBS. The deceleration occurred despite a modestly tougher comparison period, with US revenue declining 6% year-over-year while other regions grew 9% on a reported basis.
The June quarter’s growth rate fell below the 8% recorded in the March 2026 quarter, when Apple’s Services segment expanded 16.3% overall. UBS maintained its Services revenue estimate of 14.3% growth for the June quarter, slightly below consensus expectations of 14.5%, citing continued strength in other Services categories.
The September 2026 quarter faces an easier comparison, with year-over-year growth benchmarks expected to be around 10%, or 270 basis points lower than the June quarter. Analysts noted potential downside risks from slowing App Store growth but did not adjust estimates.