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Business

Fitbit shares in free fall without a new hit

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Opening sequence

Business

Fitbit shares in free fall without a new hit

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COMING UP:Fitbit shares in free fall without a new hit

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00:00:01
>> Shares of fitness tracker FitBit getting trampled on Thursday. The stock slumping 30% as investors fear the gadget maker is left behind by the competition. Pessimism so severe, the stock tumbling to its lowest ever since going public back in January. Shares are now selling for less than half their $20 debut price.
00:00:22
Doubters from the beginning of a one product company, feeling vindicated after Fitbit issued a grossly disappointing sales forecast for the current quarter, which includes the all important holiday shopping season. Analysts say the maker of colorful wrist bands, and clippable widgets, able to track heart rates, count calories, monitor sleeping patterns, and count steps, needs a hip new gadget.
00:00:44
FitBit is spending heavily to come up with the next big thing, but its efforts have fallen flat with analysts not expecting another successful product well into next year. Although FitBit is the leader in the US fitness wearables market, competition is just too fierce with smart phones made by Samsung, Apple, and others able to do the same thing.