New estimate suggests Apple Watch orders at 1.7 million

Slice Intelligence updated its earlier Apple Watch estimates based on the email receipts it tracks. Only one in five watches have been delivered, according to Slice's data.

Around 1.7 million Apple Watches have been ordered since April 10, but of those, only one in five have actually made their way to buyer's wrists. That's according to Slice Intelligence, which published one of the first Apple Watch sales estimates earlier this month based on the email receipts it tracks.

With the average reported spend of $707 for the mid-priced Apple Watch model, the estimated sales figure bodes well for Apple, which will report its latest quarterly results this afternoon. While the company didn't start taking pre-orders for the watch until the current fiscal quarter, it will surely be expected to provide investors with some sales figure for the new device.

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Of the orders and pre-orders, Slice says only 22 percent have been delivered so far. A third of all initial orders that Slice has tracked are expected to arrive by month end, while an additional 28 percent should follow in May, indicating more than half of the first orders should be fulfilled by the end of next month.