Fitbit claimed dominance over the wearable device market for the third quarter, garnering a market share of 23 percent, according to the latest IDC report. Meanwhile, Apple struggled with only a 5 percent market share, signaling a downward trend for the Apple Watch.

The IDC claims that consumers are losing interest in the Apple Watch due to the smartwatch's aging lineup, as well as its unintuitive user interface.

Apple CEO Refutes Downward Trend For Apple Watch

Apple CEO Tim Cook, however, has refuted that there is such a downward trend for the Apple Watch. In fact, the wearable device is said to have set a new sales record over the first week of holiday shopping, and is on track to turn in the best quarter ever for the smartwatch.

Cook said in an e-mail that the sell-through of the Apple Watch, which measures how many units are actually purchased by customers instead of including the units that are stocked on the shelves of retailers, have reached an all-time high.

Cook, however, did not reveal specific Apple Watch sales figures, following Apple's stance of disclosing few details regarding the performance of the wearable device.

Apple Watch Sales Figures

According to IDC's report, Apple was only able to sell 1.1 million units of the Apple Watch in the third quarter, which is a drastic drop compared to the 3.9 million units that Apple sold of the wearable device in the same quarter of 2015.

These figures are estimates, as Apple itself does not reveal sales figures for the Apple Watch. Instead, the company combines sales of the smartwatch with sales of iPods, Apple TVs, accessories and other hardware.

Cook, however, added that the Apple Watch is looking to be one of the most popular gifts for this year's holiday season, a statement that would likely boost the smartwatch's sales figures as the calendar comes to a close.

Apple Watch As A Holiday Gift

Apple has two versions of the Apple Watch available for the holiday shopping season, specifically the new Apple Watch Series 2 and the refreshed Apple Watch Series 1, which was released in September. There is also the Apple Watch Nike+, which is a special edition Apple Watch Series 2 that was designed specifically for fitness-minded users.

TECHnalysis Research analyst Bob O'Donnell said that strong sales for the Apple Watch over the holidays is expected as it is a more natural gift compared to iPhones or MacBooks, in addition to the lowered price of the device. However, O'Donnell is skeptical that the smartwatch would be able to fill in the void left behind in Apple's revenue stream due to the declining demand for the iPhone 7.

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