Anyone wanting an illustration of why smartphone unit sales are not the single most important metric for judging success should check out wealth management company Canaccord Genuity’s findings about Apple’s iPhone sales versus profits.
According to Canaccord Genuity, despite selling less than 20 percent of all smartphones, Apple rakes in a massive 92 percent of operating income. Samsung, by contrast, ekes out just 15 percent to take second place. Everyone else basically broke even or lost money.

It’s wise to take that report with a pinch of salt, but it got us thinking; if Apple’s first smartwatch really is a flop, which company can make a wearable worth wearing, and do wearable devices have a future at all?
