half since its release, sales of the Apple Watch still lagged behind the original projections. The company had sold an estimated 12 million smartwatches in the first year, more than the original iPhone after its launch but several million fewer units than the iPad after its debut. Given the way Apple’s customer base had swelled, many on Wall Street viewed the Apple Watch as a disappointment, especially because the company needed new businesses to offset its declining iPhone sales. The estimated $6 billion in revenue the watch generated was a poor substitute for the nearly $20 billion decline
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