What mobile app development strategy should the developer consider to survive and grow in hypercompetitive mobile application market? Mobile app market is one of the most rapidly growing segment in software market. Although mobile app market is a promising area, this positive perspective is not consistently applicable to app developers. In extremely competitive mobile app market, application developers would need to carefully consider and formulate app development strategies for success. To define the strategies, product portfolio management composing with app development speed, diversification speed, and switch speed is introduced. Quantitative analysis validating the statistical relationship between portfolio strategies and app developer’s financial performance is conducted. For this analysis, data from app developers with worldwide cumulative revenue estimate of over $100,000 were collected. As a result of data analysis, positive relationship between app development speed and developer’s financial performance was supported whereas diversification speed and switch speed had negative relationship with revenue. Theoretically, this research differs from the previous mobile app related studies. While previous studies used app ranking or user ratings as proxy for app performance, this study uses estimated sales volume as dependent variable which reflects more accurate and empirical performance.