Apple’s 800M accounts spent $3.29 each last quarter, down 24%

But the App Store is taking up the slack, and Apple could still bring iTunes to Android.

FORTUNE -- "Online services is an underappreciated growth and margin lever for Apple," writes Morgan Stanley's Katy Huberty in a note to clients Wednesday.

It's all the more unappreciated because music streaming services like Pandora and Spotify have been cutting into iTunes music downloads.

Last quarter,...

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