Apple Stocks to See Upward Growth, Thanks to AirPods, Apple Watch: Analyst
The Apple Watch and AirPods sales accounted for 52 and 26 percent of Apple’s broad wearables category respectively in the fiscal year 2018.
Image for representation.
Apple has been showing positive growth in its wearables sector in terms of business and sales. This is in parts due to the success of the AirPods, along with the recently launched AirPods Pro, and the Apple Watch. The latter was recently found to be able to detect heart rate irregularities, according to a study conducted by the Stanford University School of Medicine. According to a report in Barron’s, in its September quarter, the company posted a revenue of $6.52 billion. This was up 54.4 percent since 2018. Evercore ISI analyst Amit Daryanani said that the wearables could bring business to the company worth more than $60 billion by fiscal 2023, adding $2 a share to earnings per share, the report said.
Furthermore, Daryanani had said that 20 percent growth is expected in the wearables sector. It will eventually help the company drive customers to adopt iOS, thus, “accelerating growth even if iPhone sales remain flat,” the report said. According to the report, the analyst estimates that Apple Watch sales accounted for 52 per cent of Apple’s broad wearables category in the fiscal year 2018, with AirPods accounting for another 26 per cent.
Daryanani further stated that there are 75 million Apple Watches and 50 million AirPods in use, both of these figures individually account for less than 10 per cent of iPhones in the market. Therefore, he expects “continued high growth as iPhone owners become buyers of AirPods and Apple Watch,” quoted Barron’s report as saying.
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