Fitbit promises its smartwatch will be available by year’s end
Posted by ishubhamsingh
After plenty of anticipation, it looks like Fitbit will finally be ready to release its unnamed smartwatch into the world by the time the holidays roll around, according to the company in its second quarter earnings report.
In the earnings call, Fitbit co-founder and CEO James Park confirmed certain details about the smartwatch, such as its health and fitness tracking features and water resistance up to 50 meters. Park also said the smartwatch will feature GPS, something that allegedly caused the product’s delay due to the antenna’s erroneous positioning.
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Other mentioned tidbits include the smartwatch’s compatibility with multiple platforms and multi-day battery life, though Park did not say when it would launch. When asked about that last bit, Fitbit chief financial officer Bill Zerella vaguely said that Fitbit’s “vast majority of revenue in Q3 will be related to legacy product.” The statement insinuates that we should expect the smartwatch to be available in October at the earliest.
Overall, however, Park has high hopes for his company’s smartwatch and believes it will give Fitbit a better financial outlook for the rest of 2017:
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.
Fitbit has plenty of reason to bank on its smartwatch’s possible success, however, seeing how the company brought in $353 million in revenue for the second quarter of 2017. The figure beat analyst expectations, which were set at $341.6 million, but it represents a sharp decrease from the $546 million in revenue during the same quarter in 2016.
Overall sales were also down for Fitbit, which saw a decrease from 5.7 million activity trackers sold to 3.4 million year-over-year. In other words, the company would like it if some of its fortunes would turn around, and from the sounds of it, its smartwatch might be the ticket Fitbit needs.
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