Fitbit Inc on Wednesday outpaced Wall Street estimates for quarterly results as its strategy of adding smartwatches to its product line got a boost in the second quarter with higher sales for ‘mass-appeal’ Versa.
The latest round of U.S. tariffs on $200 billion of Chinese goods could hit the Apple Watch, health trackers, streaming music speakers and other accessories assembled in China, government rulings on tariffs show.
Six former and current employees of Fitbit Inc were charged in a federal indictment for possessing trade secrets stolen from rival Jawbone, according to a statement from the Department of Justice on Thursday.
Global shipments of wearables grew 1.2% in Q1 2018 – snail’s pace progress when compared to the 18% growth reported this time last year –, as consumer preference shifts toward smarter devices and products diversify.
According to a study from IDC, the American company elbowed out competitors Fitbit and Xiaomi to claim the top spot in the global wearables market in 2017, as growth in the sector slows but shows no sign of stopping.
Fitbit Inc’s shares fell 14% on Tuesday after the company said its newly launched smartwatch was not selling as expected, raising concerns about the company’s ability to become profitable again in the near term.