apple watch sales analyst

A few days after the Apple Watch was available for preorder, one study claimed that sales could be nearing 1 million units. Now a new report estimates Apple could sell roughly 3.1 million watches by early May.

According to tech analyst Carl Howe, the Apple Watch could rake in more than $2 billion for the Cupertino company in its first month of availability. Drawing information from Slice Intelligence and Quanta production estimates, he offers a potential breakdown of Apple’s early smartwatch sales. Out of 3.1 million units, 1.8 million customers have apparently ordered the cheaper Sport model, followed by 1.2 million steel watches and 40,000 Editions.

If those figures are accurate, Apple could make way more money off the steel Watch, which packs all the same internal specs for a significantly higher price. Howe claims revenue for the flagship Apple Watch could hit $900 million, with the Sport bringing in $675 million and the Edition pulling in an additional $500 million.

Howe admits that he’s really just making “educated guesses,” and we probably won’t know exactly how many Apple Watches were sold until the company tell us directly during a future earnings report. Regardless, it’s seems clear Cupertino is set to make a ton of money off its latest product.