Fitbit cuts 2019 revenue view, Versa Lite sales lag; shares tank [Reuters]
FITBIT INC (FIT)
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Source: Reuters
Fitbit cuts 2019 revenue view, Versa Lite sales lag; shares tank (Reuters) - Wearable device maker Fitbit Inc ( FIT.N Fitbit in March launched Versa Lite, priced at $160, compared with $200 for the full version. The watch, which can track workouts and heart rate, lacked some features such as the ability to store music directly. The company had moved into the smartwatch market to cushion the hit from slowing growth of its popular colorful fitness trackers, but has faced tough competition from deeper-pocket companies such as Apple Inc ( AAPL.O 005930.KS Smartwatch revenue decreased 27% year-over-year in the second quarter, the company said. Fitbit lowered its 2019 revenue forecast to between $1.43 billion and $1.48 billion, compared with its prior expectations of $1.52 billion to $1.58 billion. The report suggests that the overall health of Fitbit’s business is not as strong as thought, DA Davidson analyst Thomas Forte said. Versa Lite also weighed on average selling price, which fell 1
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