Apple just reported earnings — and as ever the company does not break out unit sales of Apple Watch. However, Apple’s wearables business, which includes Apple Watch and AirPods, continues to be strong. Apple told the FT that wearables revenue is up 60 percent year-over-year.
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Luca Maestri said that wearables saw 60 percent growth in revenue terms. Adding up the last four quarters, wearables revenue now exceeds $10 billion:
Apple’s wearables business, which includes Apple Watch and AirPods, saw 60 per cent revenue growth in the June quarter, Mr Maestri told the FT, bringing its total sales over the last four quarters to more than $10bn. “This is a product category that essentially didn’t exist three years ago,” he said.
This is a more specific number than what Apple declares in its financial statements. AirPods, Watch, Beats, HomePod and more products are classified under an ‘Other Products’ business.
In fiscal Q3 2018, Apple reported that Other Products revenue rose 37%, up to $3.7bn from $2.7bn a year ago. The revenue growth rate of 60% for wearables shows where those sales are coming from, with wearables contributing to growth disproportionately to other items in that business. It’s worth noting Other Products continues to include declining iPod sales, which continue to pull down the overall numbers.
Tune in now to the earnings call for a more fine-grained breakdown into Apple’s latest financial results.