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Fitbit to cut 6% of its workforce following disappointing Q4
July 02, 2025
Fitbithad a pretty rough Q4 2016.
Based on preliminary financial info, which will be detailed in full during its earnings call later today, the company expects to report a total revenue for Q4 2016 in the range of $572 to $580 million, compared to the forecasted $725 to $750 million. For the full year of 2016, Fitbit expects annual revenue growth to be around 17%, which is way off from the forecasted growth of 25% to 26%.
Fitbit obviously needs to do something about its losses, and unfortunately that means it’s planning on shaking up its workforce. The company will cut approximately 6% of its global workforce, or around 110 employees.
James Park, Fitbit co-founder and CEO, comments on the news of the layoffs and the future of the company:
As stated in Park’s official comment, Fitbit has some pretty big plans for the future. The company is ramping up its efforts to break into thesmartwatchmarket, thanks to its recent acquisitions ofPebble,Vector WatchandCoin. We can even expect the company to launchits very own app storein the future, which will likely be the central hub for fitness and health-focused smartwatch applications.
While these recent acquisitions might signal a better year in financials for the company, Fitbit won’t be without competition. Google and LG are collaborating ona pair of new smartwatches, which will launch alongside the bigAndroid Wear 2.0 updatein early February. The Apple Watch Series 2 has also garnered quite a bit of attention from fitness fans, andSamsung’s Gear S3 watches, which have recently gained support for iOS devices, are attractive alternatives to the other well-known smartwatches on the market.
2017 will be an interesting year for wearables.
Next:The best fitness trackers
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