Health, fitness, wellness, and regular training are top priorities for many people these days, and tracking those metrics has also become essential. Fitbit is a California-based company that develops and manufactures compact, wireless wearable technology for the health and fitness industry. Founded in 2007, the company gained attention due to its rapid growth and success. Over just six years, Fitbit’s revenue increased from five million U.S. dollars in 2010 to more than two billion U.S. dollars in 2016. Soon after, Fitbit experienced a period of declining revenues, dropping to just over one billion U.S. dollars in 2022.
Fitbit trying to secure a spot in the growing wearable market
In early 2021, Alphabet Inc., the parent company of Google, completed the acquisition of Fitbit in a deal that valued the company at 2.1 billion U.S. dollars, making Fitbit Google’s fourth largest acquisition. Thanks to the acquisition, it is likely that Google will be more established in the wearable industry, while Fitbit devices might come back into the race for the top spot in the wearables market. Evidence of this is the new Google Pixel Watch, which will supposedly integrate Fitbit’s ecosystem, including the Fitbit app, health sensor, and heart rate monitor.
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