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Business

Fitbit shares in free fall without a new hit

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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 getting 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 sales quarter, which includes the all-important holiday shopping season. Analysts say the maker of colorful wristbands and clipable 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 U.S. wearables market, competition is just too fierce with smartphones made by Samsung, Apple, and others able to do the same thing.