Apple Watch nets Apple more than $1 billion in revenue (so far)

Other products such as iPads exceeded the estimates of 10.9 million units, while Mac sales also reached 4.8 million units, above the estimated 4.5 million. “Other” also now includes revenue from Apple’s acquisition of audio equipment maker Beats (which closed a month after the 2014 report), so Apple Watch sales do not account for all of the $1.3bn difference between the two numbers. According to the report, in just three months, the Apple Watch has managed to capture 75.5 percent of the global smartwatch market share, shipping an estimated 4 million units to vendors all over the world.

Apple chief executive Tim Cook previously has waved off any concerns over the iPad’s flagging performance, calling it a “speed bump” the company will overcome and claiming “saturation fears are overblown”.

Revenue for the company alone was $50 billion which was mostly attributed to sales of the iPhone.

Shares were down4. 7 percent as of 10:43 a.m.in New York, presumably due to lower-than-expected iPhone sales and less- than-exuberant results compared with previous periods. He highlights that iPhone unit sales in the June quarter, even after adjusting for channel inventory, were below Cowen’s estimates.

Cook brushed aside any worry about iPhone sales growth, expressing confidence it has “lots of legs” that it will be running with for many years to come given market factors such customer satisfaction rates and the booming overall global smartphone market.

Apple likely sold about 47 million iPhones in the most recent quarter, or 34 percent more than a year earlier, according to analysts polled by FactSet.

Apple Inc. reported solid June quarterly earnings Tuesday, with results beating estimates in every major category tracked by Bloomberg.

“With a new iPhone around the corner, the seasonally stronger quarters ahead and a possible Apple TV update, coupled with valuation, we would be buyers on weakness”, said analysts at Robert W. Baird, who rate the stock “outperform”. This was exactly the case with the launch of their latest device, the Apple Watch.

He said Apple decided from the outset to remain mum about smartwatch shipments to avoid providing insights to competitors but that the company feels “really great” about sales and how it is position for the long-term. As for exact sales numbers for the Watch, Apple isn’t telling (just yet).

Connected wirelessly to an iPhone, the Apple Watch isn’t meant to replace the phone, but rather provide tidbits of information readily while the phone is in a pocket or purse.

But he said that the firm’s “complete dependence” on iPhone sales and growth in China was concerning.

The average selling price for an iPhone was $660 in Q3, an increase of $99 year over year, despite a significant negative foreign exchange impact, Apple CFO Luca Maestri said.

And Apple said its gross margin – the difference between the amount it spends on making the products versus how much consumers pay – was 39.7%, up slightly on a year ago.