Fitbit Plummets as Competition in Fitness Devices Heats Up

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Fitbit Inc., a builder of wearable health-tracking devices, fell to a lowest cost given a initial open charity after introducing a new smartwatch — identical in pattern to Apple Inc.’s product — while companies such as Fossil Group and Under Armour Inc. debuted aptness inclination during a International Consumer Electronics Show.

Fitbit’s Blaze facilities on-screen workouts and a connected GPS, and was accessible Tuesday for pre-sale during $199.95. Meanwhile, Under Armour showcased a connected aptness complement that includes a foe band, and products including a intelligent shoe and wireless headphones. Fossil also pronounced it will deliver some-more than 100 wearable products in 2016.

Fitbit fell 18 percent to $24.30 during a tighten of trade in New York, a lowest cost given a Jun 17 IPO during $20 a share. The San Francisco-based association has been a heading seller of wearables, yet a market share fell to 22 percent in a third entertain of 2015 from 33 percent a year earlier, according to IDC.

Daniel Amir, an researcher during Ladenburg Thalmann Co., pronounced he expects to see some-more foe for Fitbit, since a record compulsory to emanate aptness inclination isn’t novel. Amir pronounced success in this difficulty is some-more about pattern and brand.

“They are now competing conduct to conduct with Apple in a watch difficulty and it will cannibalize their aptness tracking business,” Amir said.

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