Apple Watch 'Series 1' gets updated CPU, price drop to $269

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In introducing Apple Watch Series 2 at Wednesday's special event, Apple expectedly dropped the price of its original Apple Watch to $269, keeping the "Series 1" device in the lineup as an entry-level offering.

Like the Apple Watch Series 2, the Apple Watch Series 1 shares a design borrowed from the original Apple Watch, but includes a new dual-core processor and GPU package that allows for greater app performance.

Missing from the Series 1 are new seals and internal design features that make Apple Watch Series 2 "swim-proof." The updated original also lacks the new, brighter display that ships with Series 2.

Well-connected analyst Ming-Chi Kuo predicted the rebranded Apple Watch Series 1 version earlier this year.