With earnings coming tomorrow, analysts are focusing on Apple Watch reception as it will be the first time Watch sales are included in Apple’s financial results. Apple won’t be reporting Apple Watch sales numbers but that doesn’t stop investors from guessing the figure. In a note, Gene Munster says that Apple has sold 3 million units in the quarter. This is slightly below KGI’s estimate which quoted 3.9 million Apple Watch device sales.

Munster says talks with investors have shown general disappointment and concern about the ‘long-term opportunity’ for the Apple Watch. In the short term, he believes supply constraints and lack of availability in Apple retail stores have limited early sales. Munster, however, remains confident that the Watch will ramp up in sales slowly with a ‘breakout year’ in 2017.

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For 2016, Munster expects about 14 million Apple Watch unit sales. But, for 2017, Munster estimates this number will jump significantly to 40 million units.

Apple reports its financial results for the last three months tomorrow but new accounting practices means that Apple Watch data will not be directly reported. Consensus estimates for iPhone sales sit around 50 million units.

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