Apple Inc. said developers have generated more than $260 billion in revenue since the App Store launched in 2008, up about $60 billion from the figure it reported a year ago.
The iPhone maker said the App Store generated a “new yearly record for App Store developer earnings last year” and that App Store sales between Christmas Eve and New Year's Eve rose in the double digits from the same period a year ago.
Apple didn't say how much it generated during that week in 2021, but previously said it made $1.8 billion during that period of 2020. The company said it's not possible to extrapolate its cut of that revenue. Apple charges either 15% or 30% to developers, depending on how much revenue the developer generates or whether the app is a subscription used for more than a year.
American Airlines posts loss in quarter
American Airlines said Tuesday it lost around $1.2 billion in the fourth quarter of another pandemic-stricken year, a sign the carrier still has miles to go to recover from COVID-19 after nearly two years of struggles.
Still, the preliminary financial figures for the last three months of 2021 are better than analysts expected, giving some hope that American is gaining momentum toward eventual profitability.
The Fort Worth, Texas-based carrier said revenue was still down 17% compared with the prepandemic fourth quarter of 2019.
World Bank expects slowing economy
The World Bank is downgrading its outlook for the global economy, blaming continuing outbreaks of COVID-19, a reduction in government economic support and ongoing bottlenecks in global supply chains.
The 189-country, anti-poverty agency forecasts worldwide economic growth of 4.1% this year, down from the 4.3% growth it was forecasting last June. It's also down from the 5.5% expansion it estimates the global economy tallied in 2021.
In its Global Economic Prospects report out Tuesday, the World Bank projects that the U.S. economy will grow 3.7% this year, down from 5.6% in 2021. It expects China, the world's second-biggest economy, to see growth decelerate to 5.1% in 2022 from 8% last year.