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Apple's portable equipment business had a very favorable second fiscal quarter.
Tim Cook, the company's CEO, said about the company's results that his clothing business now had the size of a Fortune 200 company. According to him, this statistic was "astonishing "Since the Apple Watch is only four years old.
Apple posted revenues of $ 5.1 billion for its Wearables, Home and Accessories business in the first three months of 2019, up $ 3.9 billion for the same period in 2018. According to the latest version of the list Fortune 500, the for the Fortune 200 was $ 14.6 billion in annual revenue in 2018.
It is important to keep in mind that this category does not include only portable devices such as Apple Watch and AirPods, but also other peripherals such as HomePod accessories and iPhone. This means that we do not know exactly how much revenue Apple has generated only with wearable equipment.
Cook has already made similar comparisons in the past by describing the growth of Apple's apparel business. In 2017, he stated that the company's clothing business was the size of a Fortune 400 company.
Cook's comments come after the company recently released a new version of the best-performing AirPods and an optional wireless charging case, marking the first update of the product since its launch in 2016.
Product categories such as apparel and services are becoming increasingly important for Apple as it looks for ways to generate revenue beyond iPhone sales. Although Wall Street is satisfied with Apple's second quarter results on Apple, which has exceeded expectations with a turnover of $ 31.1 billion, this figure still represents a decline compared with the $ 37.7 billion business turnover generated by Apple for the same quarter last year.
Apple also announced a quarterly business turnover of 58 billion, down 5% over the same period of the previous year.
According to Strategy Analytics data, Apple released the first Apple Watch in 2015 and has since become the most popular smart watch in the world. Apple held 50.7% of the global smartwatch market in the fourth quarter of 2018, while Fitbit had 12.75 and Samsung 13.2%.
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