Apple is planning a big upgrade to celebrate the 10th anniversary of its watch with a new device dubbed the "Watch X," according to Bloomberg.
The Watch X will reportedly feature a thinner case, and designers are considering a magnetic band that is sleeker and takes up less space than the original Apple Watch bands. The watch will also reportedly include a microLED display, which offers better color and clarity, and a way for users to monitor blood pressure.
The company is also reportedly scheduled to release its Apple Watch Series 9 lineup at an event in September, where new iPhones are also expected. The watches will feature new colors and faster processors, according to Bloomberg. These changes are rather minor compared with what Apple has in store for the Watch X, which it will unveil in 2024 or 2025.
But it shows that Apple knows most folks are still buying their first Apple Watch. Unlike an iPhone, for example, consumers yet don't upgrade their Apple Watches every year. Bloomberg had earlier said Apple is also planning a fresh version of the high-end Apple Watch Ultra, although it's unclear what might be new.
Apple doesn't break out sales for its watches, which are instead included in the "Other Products" category with other gadgets like AirPods, HomePods and Apple TV. That segment reported $8.28 billion in revenue for the fiscal third quarter, up 2% year over year.
Shares of Apple are up more than 37% year to date as of market close Monday. The Nasdaq Composite has risen around 31% for the same period.
Apple did not immediately respond to CNBC's request for comment.
