As if things aren't well enough for Apple these days comes the news that their App Store broke revenue records for the month of July.

Apple CEO Tim Cook noted iTunes is now the company's fastest growing business largely based on the strength of the App Store, now showing a 12% increase year-on-year reporting $4.5 billion in revenue.

Cook tweeted a thank you on Twitter regarding the news saying, "Thanks to our amazing developer community!  Apple says July was record-setting month for app store revenue."

Cook also noted that the company has reached 75 billion cumulative App Store downloads to date. Apple has also exceeded the $20 billion paid to developers, claiming half of that amount was doled out in the last 12 months.

As for how Apple is doing overall, the news is a bit less spectacular, but still impressive.

Apple had hit $43.6 billion in revenue this time last year and claim they are expecting to report between $42 and $44 billion this time around. Apple also announced that they have sold 43.7 million iPhones, 16.3 million iPads, and 4.1 million Macs during the quarter.

Those iPhone sales numbers actually exceeded most analysts' expectations of around 38 million units, though iPad sales fell short of the predicted 19.3 million projected and Mac sales came in at the predicted amount that was forecast.

Even better news for Apple comes out of China where iPhone sales are enjoying a surge in sales and there is still room for growth in what has become the fastest growing smartphone market in the world.

Apple recently reported that iPhone sales had risen nearly 50 percent in the third quarter and the company claims, "We're still just scratching the surface (in China)."

"We're very proud of our quarterly results, especially our strong iPhone sales and record revenue from services," said Apple CEO Tim Cook. "We're eagerly looking forward to introducing more new products and services that only Apple could bring to market."

However many experts are claiming that with iPad sales declining and the company's stock value tied so directly to the success of its products, the pressure is on Apple to come to market with another groundbreaking product. It seems that many analysts simply don't think that product is the iPhone 6.

ⓒ 2021 All rights reserved. Do not reproduce without permission.