Fitbit cuts jobs after weak Q4 sales

Tuesday 31 January 2017 | 12:37 CET | News
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Fitbit announced plans to cut 110 jobs or 6 percent of its workforce after poor results in Q4 2016. The restructuring is expected to result in cost savings of USD 200 million. Preliminary figures show Q4 revenues were just USD 570-580 million, compared to a forecast for USD 725-750 million. The company had targeted sales up 25 percent, but achieved growth of just 17 percent. Over the full year, revenues are estimated at USD 1.5-1.7 billion, with 6.5 million wearables shipped and around 23 million active users. FitBit said sales slowed over the holiday vacation period but it expects that the

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Categories: Mobile & Wireless
Companies: Fitbit
Countries: World
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