Apple's App Store reaching record-breaking revenue in July

Apple's mobile business is doing pretty well this year – with the iPhone 5s holding its best-selling smartphone position until May and still having another jump in its sales in July, the company now reports that its App Store sales and transactions for July have reached record-breaking highs.

Exact revenue numbers and customer downloads were not mentioned, however – to put things in perspective – according to last month's Q3 report, the App Store has paid a grand total of $20 billion to app developers since its kickoff in 2008... and nearly half of that total was paid in the last 12 months. CEO Tim Cook said that iTunes was Apple's fastest growing business, thanks to the App Store, marking a 12% increase over last year's results, with $4.5 billion in revenue.