Wearable device maker Fitbit Inc cut its 2019 revenue forecast on Wednesday, bla...
- Wearable device maker Fitbit Inc cut its 2019 revenue forecast on Wednesday, blaming disappointing sales of its newly launched cheapest smartwatch Versa Lite, sending its shares tumbling as much as 16% to a record low.
“While Versa Lite received good present consumer reviews, we saw that consumers were willing to pay more for a smartwatch with additional features or look for discounting versus everyday value,” Chief Executive Officer James Park said during a post earnings call with analysts. The disappointing performance of Versa Lite suggests the overall health of the business is not as strong as we had thought, DA Davidson analyst Thomas Forte said.
Fitbit has been partnering with health insurers and making tuck-in acquisitions in the healthcare market as part of efforts to diversify its revenue stream.
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