Fitbit to launch new smartwatch to compete with Apple

Expected to feature GPS, cross-platform compatibility, a “multi-day battery life" and be 50 meters water resistant


Tech Desk/reuters August 04, 2017
PHOTO: REUTERS

Fitness-tracking company Fitbit in its second-quarter earnings report released on Wednesday said its long-awaited smartwatch would be available by this holiday season.

“We are executing according to our transition plan and have increased confidence in achieving our full year results,” said co-founder and CEO James Park.

“Our smartwatch, which we believe will deliver the best health and fitness experience in the category, is on track for delivery ahead of the holiday season and will drive a strong second half of the year".

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In terms of numbers, Fitbit sold 3.4 million devices in the second quarter, up 14 per cent sequentially for $353 million in revenue. However, it was still not enough to earn a profit as the company reported a net loss of $58.2 million.

The company believes its upcoming smartwatch will be its saviour and help overturn the numbers.

After Apple surpassed Fitbit in terms of the world’s top wearables this year, Fitbit has to come up with a top of the line product if it is to compete in the future.

The fitness-focused Apple Watch reported a 50 per cent surge in sales in the iPhone maker's latest quarter.

The company has blamed a shift among consumers toward higher feature devices and smart watches for the declines in revenue.

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The release is expected to be in line with the “holiday season,” and also clashing with Apple’s release of the new iPhones and Apple Watch.

The watch is expected to feature GPS, cross-platform compatibility, a “multi-day battery life" and be water resistant up to 50 meters.

Fitbit has sold 67 million Fitbits total to date; its Charge 2 wearable is its most popular wearable right now.

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