iPhone App sales reach US$1 million per day

The iPhone App store is proving very profitable for both Apple and third-party application developers, with apple expecting its cut of the revenue to exceed US$360 million per year.

Sales at Apple's iPhone App store have reached US$1 million (AUD$1.13 million) a day after just over a month of operation.

Over 60 million programs have been downloaded since the store was launched on July 10.

The store is proving lucrative to Apple, despite internal expectations that it would prove unprofitable.

Steve Jobs has predicted that Apple will earn at least US$360 million a year from the store, and analyst Piper Jaffray has predicted even larger profits of over US$1 billion.

Third party developers earn a 70 percent cut of the sales of apps sold through the store.

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