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Immersive health & fitness apps a longer-term revenue driver for Apple

Immersive health & fitness apps a longer-term revenue driver for Apple (AAPL) – TD Cowen

TD Cowen analysts told investors in a note Friday that Apple’s (NASDAQ:) XR headset could see units of 0.5 million to 1M in 2023.

The analysts, who have a $195 price target on Outperform-rated Apple, added that they believe the XR headset will be available later this year, followed by a VR (virtual reality) headset in 2024. Apple is expected to launch its highly anticipated XR (extended reality) headset at the WWDC event on June 5.

“A premium design and ASP suggests shipments will be very modest in the first year with sales likely going to early adopters and software developers,” wrote the analysts.

“We believe future growth will be dependent on compelling gaming and 3D design apps over the next couple years, but see immersive and engaging Health & Fitness and Lifestyle oriented apps as the longer-term revenue driver.”

They concluded that their proprietary BOM cost estimates “suggest ~$3K/$2K retail ASP for XR/VR models,” while their analysis of App Store XR/AR/VR content suggests gaming and 3D design apps could be 50%+ of mix post headset launch, with Health and Lifestyle apps potentially key sources of future monetization upside.

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