Is the Apple Watch a flop? Tech giant refuses to say how many it has sold as analysts claim sales are a disaster and £42billion is wiped off company’s value

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Apple's latest financial report shows the iPhone is still the key engine of the company's success, but the impact of its newest product, the Apple Watch, is less clear clear.

The California tech giant turned in another strong performance Tuesday, thanks to sales of its signature smartphone.

Apple said Tuesday that it sold more than 47.5 million iPhones during the three months ending in June, or 35 percent more than a year ago.

But the firm was less forthcoming about its watch, which some analysts and investors see as an important indicator of the company's ability to produce successful new products.

Apple's latest financial report shows the iPhone

is still the key engine of the company's success. It sold more than 47.5m iPhones during the three months ending in June, 35% more than a year ago.

Apple's stock fell nearly 8 percent in late trading, indicating investors weren't satisfied with the report.

Top executives stood by their decision not to release sales figures for the company's sleek new smartwatch, saying the information could be used by competitors.

'We made a decision in September not to disclose shipments on the Watch, it was a matter of not giving our completition insight on a product we've worked really hard on,' said Tim Cook.

'Sales of the watch did exceed our expectations, despite supply constraints.

Source: www.dailymail.co.uk

Category: Forex

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