There's no doubt Apple is a very huge company. In fact, according to the latest data from the World Bank, the Global GDP (GDP of all the counties in the world) stood at $85.9 trillion in 2018 and Apple's market capitalisation was roughly 1.5 percent of that figure at around $1.3 trillion.
To give you a better idea of how big Apple, the company's market cap represented 6.3 percent of the US's GDP which is the world's largest economy with an estimated GDP of $20.5 trillion as of 2018. Furthermore, Apple's market cap is bigger than the economy of countries such as Mexico, the Netherlands, and surprisingly enough even Saudi Arabia.
Apple's wearables business is as big as a Fortune 150 company
As of January 2020, Apple's market cap according to NASDAQ stands at $1.42 trillion. So there's absolutely no denying that Apple's a huge company. And now, according to a new report, the Cupertino, California based company's wearables business could be even bigger than most of us had anticipated.
Apple's wearables mainly comprise of its smartwatches called the Apple Watch, the truly wireless AirPods earphones, Beats headphones and oddly enough the HomePod, which isn't even a wearable. The Apple Watch, which is the major wearable in Apple's portfolio is reportedly the world's largest selling watch. We're talking a digital smartwatch, selling more units than the entire watch industry that includes big names such as Rolex, Rado, Seiko, Citizen, Casio etc.
As a matter of fact, according to the official revenue figures revealed by Apple CEO Tim Cook, Apple's wearables division has contributed significantly to the company's revenue, so much so that the revenue generated by the wearables business could be as big as a Fortune 150 company.
Wearables added $10 billion to Apple's revenue last quarter
Now for those who don't know, a Fortune 150 company is a company that features in the Fortune 150 list which comprises of the top 150 companies of the United States. The list is created by ranking both public and private companies based on the total revenues of the company's corresponding fiscal year. So that's a huge feat for a company's division to be as big.
Apple's wearables business is said to have brought in around $10 billion in revenue in the latest quarter – $2.7 billion more than the $7.3 billion that it had brought in the same quarter last year.
Apple wearables sales overtake Mac
We're guessing that the Apple Watch and the oh-so-popular AirPods may have brought in a major chunk of the money. In fact, as per reports, more people than ever before are buying the Apple Watch. Reportedly, 75 percent of all Apple Watch buyers are new to the Apple Watch. This suggests that Apple has managed to successfully pull new customers to its wearables over time.
The $10 billion in revenue figure is quite an impressive feature and in fact, the company's wearables have managed to bring in more money than Apple's Mac division, which has been a major contributor after the iPhone throughout these years.
Upcoming Apple Watch Series 6
Meanwhile, Apple is said to announce its upcoming Apple Watch Series 6 this year. The current Apple Watch Series 5 brought incremental updates over the previous edition with an improved processor and an always-on display, being the most identifiable changes.
However, the Apple Watch Series 6 still remains a mystery but we're quite sure it will carry on the legacy of the world's largest selling watch forward.