The stock price of Apple surged after its senior vice president of internet services, Eddie Cue said the App Store is off to break records in 2015 given its continuing momentum.

The shares of Apple were trading $111.73 per share, up by nearly 4% at the time of this writing around 1:16 in the afternoon in New York.

Apple Stock Soars On New App Store Records

2015 is another record-breaking year for Apple App Store

Yesterday, Apple announced that its billings increased 50% and apps generated more than $10 billion in revenue for developers in 2014.

According to the tech giant the strength of the App Store is continuing this year based on the fact that it already set a record during the first week of January— customers are spending almost $500 million on apps and in-apps purchases.

Apple experienced the single biggest day in app store sales history during the New Year’s Day 2015.

Mr. Cue said, “This year is off to a tremendous start after a record-breaking year for the app store and our developer community. We’re so proud of the creativity and innovation developers bring to the apps they create for iOS users and that the developer community has now earned over $25 billion.”

iOS maintains leadership in app store revenue

Apple said its iOS ecosystem helped create almost 600,000 jobs in the United States over the past six years, since the launching of its App Store in 2008.

The competition between Apple and Google in app store is strong. According to App Annie, a market data provider for app economy; Google Play downloads worldwide were approximately 60% higher than iOS app store downloads during the third quarter (latest data available).

In terms of app store revenue, IOS still surpasses Google Play. The iOS app store revenue was around 60% higher than Google Play because Apple offers premium products. App Annie said consumers who can afford an iPhone can spend more money on apps.

At present, Apple’s App store is now offering more than 1.4 million apps in 24 categories for iPhones, iPad, and iPod Touch devices.

Apple recently reported that the iOS 8 adoption rate increased to 68% as of January 5, 2015.