AAPL ) rose 1.5% on Tuesday after the Cupertino-based company said it would raise prices on the App Store in Europe.
Starting October 5, 2022, app prices and in-app purchases (excluding auto-renewing subscriptions) on the App Store will increase in Chile, Egypt, Japan, Malaysia, Pakistan, Poland, South Korea South, Sweden, Vietnam, and all territories that use the euro,” Apple said in a blog post.
In Vietnam, the price increase is due to new regulations related to the collection of taxes from consumers.
Apple, which launched the new iPhone 14 earlier this month, has focused on its services business to help diversify its revenue streams. Apple’s services business generated revenue of about $19.6 billion in the company’s most recent quarter.
Evercore (NYSE: EVR ) ISI Group analyst Amit Daryanani also held Apple to an outperformance rating on Tuesday and raised the price target to $190 from $185.
AAPL Apple price movement has a 52-week high of $182.94 and a 52-week low of $129.04.
The stock closed Tuesday trading 1.57% higher at $156.90.