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Apple Wearables Segment Drives Growth

The Wearables segment is comprised of Watch, AirPods, and Beats. In Jun-19, Apple reported “accelerating wearables growth of well over 50%.” We estimate the actual number was 52%. Takeaway: Wearables is an important component of the Apple growth story. It’s about half the size of Services (we estimate 7% in CY19) and growing at twice the rate (we estimate 39% in CY19).
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