Fitbit is set to announce cuts of between 5 to 10 percent to its workforce later on Monday amid lower-than-expected fourth quarter results.

According to The Information, the job cuts are expected to affect between 80 and 160 people across multiple departments and save the company $200 million in costs. The Q4 results will be the second consecutive quarter in which Fitbit has missed its earnings guidance.

fitbit charge and flex
Fitbit is expected to blame the slowdown on a sluggish market, despite Market research data from September that showed a split in the wearables market, with Fitbit's "basic wearables" gaining popularity, and "smart wearables" like the Apple Watch seeing stalled growth.

Despite a portion of the market stalling out, the overall wearable device market was said to have grown 26.1 percent in comparison to the year ago quarter, with Fitbit the leading brand. Additionally, Fitbit's stock rose 7.4 percent on December 27, after reports that its app had become one of the most downloaded in the App Store on Christmas Day.

Fitbit's recent acquisition of Pebble and Vector Watch – along with its rumored interest in Jawbone – suggested the company was increasingly aligning itself with software rather than relying solely on hardware sales, and the reported layoffs could be another part of that plan. Indeed, one source told The Information that Fitbit is aiming to develop its own App Store and open up devices to third-party developers.

Whether Fitbit is planning to launch a more traditional smartwatch with a dedicated app store as part of those plans remains unclear.

Tag: Fitbit

Top Rated Comments

Michaelgtrusa Avatar
94 months ago
I hate see poeple lose jobs.
Score: 6 Votes (Like | Disagree)
dukeblue219 Avatar
94 months ago
A little surprising since they're so popular, the smart watch sector is not doing as well as I think people thought it would
My crude analysis would be the same as GoPro: People who want one already have one. People who don't yet have one will never buy one.

Their futures lies in other fields related to the products they're best known for (ie video and wearables), but neither will be the next Apple based on a single product.
Score: 5 Votes (Like | Disagree)
maflynn Avatar
94 months ago
A little surprising since they're so popular, the smart watch sector is not doing as well as I think people thought it would
Score: 3 Votes (Like | Disagree)
UKPoliticsGuy Avatar
94 months ago
Don't all shout at me but everyone who I know has a Fitbit ... how are they making a loss!
Score: 2 Votes (Like | Disagree)
26theone Avatar
94 months ago
How does ~160 employees equate to 200 million in cost savings? 160 employees at 100k each plus another 100k of employer "costs" is 32m. How do you get to 200m?
Score: 2 Votes (Like | Disagree)
mkeeley Avatar
94 months ago
That's more of a fad, where as the fitbit provides more benefits I think
Trouble with all fitness trackers is that they're all inaccurate, some very. I fail to see the point of them when they're guesstimates.
Score: 1 Votes (Like | Disagree)

Popular Stories

iOS 18 Siri Integrated Feature

iOS 18 Will Add These New Features to Your iPhone

Friday April 12, 2024 11:11 am PDT by
iOS 18 is expected to be the "biggest" update in the iPhone's history. Below, we recap rumored features and changes for the iPhone. iOS 18 is rumored to include new generative AI features for Siri and many apps, and Apple plans to add RCS support to the Messages app for an improved texting experience between iPhones and Android devices. The update is also expected to introduce a more...
iGBA Feature

Game Boy Emulator for iPhone Now Available in App Store Following Rule Change [Removed]

Sunday April 14, 2024 8:06 am PDT by
A week after Apple updated its App Review Guidelines to permit retro game console emulators, a Game Boy emulator for the iPhone called iGBA has appeared in the App Store worldwide. The emulator is already one of the top free apps on the App Store charts. It was not entirely clear if Apple would allow emulators to work with all and any games, but iGBA is able to load any Game Boy ROMs that...
top stories 13apr2024

Top Stories: M4 Mac Roadmap Leaked, New iPads in Second Week of May, and More

Saturday April 13, 2024 6:00 am PDT by
Apple's hardware roadmap was in the news this week, with things hopefully firming up for a launch of updated iPad Pro and iPad Air models next month while we look ahead to the other iPad models and a full lineup of M4-based Macs arriving starting later this year. We also heard some fresh rumors about iOS 18, due to be unveiled at WWDC in a couple of months, while we took a look at how things ...
new best buy blue

Best Buy Opens Up Sitewide Sale With Record Low Prices on M3 MacBook Air, iPad, and Much More

Saturday April 13, 2024 7:41 am PDT by
Best Buy this weekend has a big sale on Apple MacBooks and iPads, including new all-time low prices on the M3 MacBook Air, alongside the best prices we've ever seen on MacBook Pro, iPad, and more. Some of these deals require a My Best Buy Plus or My Best Buy Total membership, which start at $49.99/year. In addition to exclusive access to select discounts, you'll get free 2-day shipping, an...
iPhone 16 Camera Lozenge 2 Colors

iPhone 16 Plus Rumored to Come in These 7 Colors

Wednesday April 10, 2024 3:52 am PDT by
Apple's iPhone 16 Plus may come in seven colors that either build upon the existing five colors in the standard iPhone 15 lineup or recast them in a new finish, based on a new rumor out of China. According to the Weibo-based leaker Fixed focus digital, Apple's upcoming larger 6.7-inch iPhone 16 Plus model will come in the following colors, compared to the colors currently available for the...
apple silicon feature joeblue

Macs to Get AI-Focused M4 Chips Starting in Late 2024

Thursday April 11, 2024 10:10 am PDT by
Apple will begin updating its Mac lineup with M4 chips in late 2024, according to Bloomberg's Mark Gurman. The M4 chip will be focused on improving performance for artificial intelligence capabilities. Last year, Apple introduced the M3, M3 Pro, and M3 Max chips all at once in October, so it's possible we could see the M4 lineup come during the same time frame. Gurman says that the entire...