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Wear OS will eventually gobble up the market share, but watchOS will keep most of the profit
It's Android v. iOS all over again.
That doesn't mean Apple lost money, but it does mean the company saw its share of the market fall while competitor sales increased ever-so-slightly. Somehow, Apple still makes more money, even today, thanks to a supernatural manipulation of the supply chain and the idea that Android phones are for "poor" people in North America. Wear OS, like Android, is a commodity like corn or crude oil that other companies use to create their own product.
Or read this on Android Central