Having dominated the wearables market
with its inexpensive fitness armbands for large parts of the past few years, Fitbit has recently hit a bit of a dry spell. Trying to pivot from standalone fitness trackers to full-fledged smartwatches, the company’s device shipments dropped by more than 30 percent in 2017.
Following its IPO in 2015, the early-mover in the wearables
market more than doubled its share price in its first few months as a public company, but started a long decline shortly after. Having reported disappointing results for the fourth quarter of 2017 along with a pessimistic outlook for the months to come, Fitbit’s share price dropped below $5 this week, down more than 75 percent from its IPO price and 90 percent from the heights it reached shorty after in July 2015.
Having to compete with affordable devices from Chinese manufacturers at the low end of the market spectrum and with the successful Apple Watch
at the other end, Fitbit is apparently struggling to find its niche in the market it once dominated.