- Tim Cook said “we’re still in the early innings of the Watch” on Apple’s Q2 earnings call.
- Apple debuted its Watch in 2015, and wearables have since grown into a multibillion-dollar industry.
- Competitors like Samsung’s Galaxy Watch Active have also emerged.
- See more stories on Insider’s business page.
Apple CEO Tim Cook said almost three out of every four Watch users are new to the company’s wearable smart product.
The comment was made during Apple’s second-quarter investor call. Cook said that statistic indicates that the wearables industry is still young.
“I still think we’re in the early innings on the watch,” Cook said on the call. “The number of new people that are new to the Watch is almost three out of four, and so this is a long way from being a mature market.”
Apple first released the Apple Watch in 2015 with a $349 price tag. The Watch has been updated with new features in each subsequent generation, like adding heart-rate monitoring to the Series 4 or blood oxygen monitoring to the Series 6, along with an updated, faster chip.
Since the Watch’s launch, others have landed on the market, including Samsung’s Galaxy Watch Active and Fitbit. The wearables market was expected to balloon to $16.1 billion in 2020, up from $13.2 billion in 2019, according to the research company ReportLinker.
Apple demolished analyst estimates in Q2, reporting $89.5 billion in revenue compared to the $77.3 billion that analysts expected. The company’s record-setting quarter, January to March 2021, was the first time that all of Apple’s retail stores were open since the pandemic began.
The company also reported $47.94 billion in iPhone sales, cruising past analysts’ estimates of $41.5 billion, as Apple continues to ride its iPhone 12 high. The new model was announced at an October event and has since become a hit with customers.