The iWatch is the new Apple (NASDAQ:AAPL) television. Rumors of an upcoming wristwatch-like device from the company are beginning to take over the imaginations of watchers as more details begin arriving with each passing day. To go with other reports from earlier this week, Bloomberg said on Tuesday that Apple had a team of about 100 product designers working on developing a smart watch.
The team was made up of software and hardware engineers who have prior experience of working on the iPhone and the iPad, managers, and marketing experts, it said. Members of the group included James Foster, the company’s senior director of engineering, and Achim Pantfoerder, another top manager. The team had grown larger in the past year, and its size now suggested that Apple was beyond the experimentation phase.
The Wall Street Journal said earlier this week that Hon Hai Precision Industry, Apple’s main manufacturing partner, had been involved in discussions related to the device, also suggesting an advanced stage in development. Hon Hai also previously invested in a start-up called WIMM Labs, which designed a watch with a screen, Wi-Fi, and Bluetooth.
The launch of an iWatch priced between $200 and $300 could add an incremental $10 to $15 billion to Apple’s annual revenue and $2.50 to $4 in earnings per share, Morgan Stanley analyst Katy Huberty wrote in a note on Tuesday…