Why Shares of Fitbit, Inc. Plunged in October
Shares of activity tracker company Fitbit, Inc. (NYSE: FIT) plunged 11.8% in October, according to data provided by S&P Global Market Intelligence, after an unimpressive product introduction. If the company is going to recover from its recent woes, it'll need to wow customers and doesn't seem to be doing that in 2017.
In October, the Fitbit Ionic was announced, a new smartwatch that's waterproof, has GPS, Bluetooth, heart rate monitoring, and more. The problem is that Ionic is going up against products like the Apple Watch Series 3 that has cellular connectivity, similar features, and an ecosystem of apps to draw from.
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Source: Fool.com
