Apple’s (AAPL) App Store saw a slowdown in spending in November from the prior month, investment firm Goldman Sachs said, citing data from Sensor Tower.
Spending grew 6% year-over-year to $6.61B0, down from 9% growth in October, Goldman Sachs analyst Michael Ng noted. Games saw a notable decline, as the all-important category, which accounts for roughly 44% of total spend, saw a 2% year-over-year decline, compared to 3% growth in October.
Four of the top five geographies — U.S., Japan, U.K. and Canada — also decelerated sequentially, Ng, who reiterated his Buy rating on Apple, said.
“Given that App Store spending growth rates have halved since July 2025 (+6% [year-over-year] v. 12% [year-over-year] in July 2025), we recognize near-term downside risk around the potential for off-app payments to meaningfully disrupt Apple’s App Store revenue growth,” Ng wrote in a note to clients.
“Despite App Store spending growth rates in October and November tracking below Apple’s guidance for F1Q26 Services guidance to grow in-line with F22025 (14% [year-over-year]), we expect Apple’s Services guide should be supported by faster growth across Apple’s other services categories.”
Apple shares rose fractionally in midday trading on Tuesday.