Fitbit Stock Jumps as Smartwatch Share Grows; Smartwatches Start to Resemble Trackers, CFO Says
Fitbit shares closed up 26 percent at $5.95 Thursday after the company reported 26 percent growth in its health solutions business, higher average selling prices and Versa smartwatch sales growth. CEO James Park noted the company went from owning none…
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of the U.S. smartwatch market 14 months ago to becoming No. 2 behind Apple. Lines between smartwatches and trackers are starting to blur, said Chief Financial Officer Ron Kisling, saying the rate of decline in trackers narrowed and will improve. Q3 sales were little changed from year-ago quarter at $393.6 million as its profit reversed a loss.