Not that some of the other incumbents can complain too loudly. Xiaomi and Garmin also lost share (they're down to 22.8 percent and 5 percent respectively), but their shipments surged by more than a third.

As for smartwatches specifically? Apple was still out in front by a hefty margin, with 46 percent of the high-end wearable market. The next closest was Samsung, which fell to 20.9 percent. With 1.5 million shipments, though, Apple had less than a third of Fitbit's clout -- and that number was a sharp drop from the 3.9 million watches it shipped in the last quarter of 2015. Such a dip isn't surprising (there was no holiday demand to boost sales), but it's notable that Fitbit's unit count didn't fall. It's clearly easier to justify a relatively inexpensive tracker like the Alta outside of gift-giving season than a smartwatch that costs more than twice as much. Apple's price cuts weren't in effect for much of the first quarter, mind you, so it's too soon to say whether or not you'll see a repeat performance this spring.