Poor Fourth Quarter Sales Forces Fitbit To Get Rid Of 110 Jobs

The wearable market exploded a few years ago but has begun to die down as new devices fail to innovate and consumers are happy with their previous-generation devices. Fitbit just released their 4th quarter earnings, and things haven't gone as well as they had hoped.

Reports show the company only earned $580M from sales of 6.5M devices during the three month period falling short of their $725-$750M expectations. Fearful of the market hitting its saturation point, Fitbit is taking appropriate measures to cut costs including laying off 110 employees, about 6% of its total workforce.

While the move is unfortunate for the affected workers, the company must remain financial conscious after their recent investments and acquisitions like Pebble, Coin and Vector have eaten up a good portion of working capital.

Via: Engadget
Source: Fitbit

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