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Fitbit to lay off 6 percent of its work force, cut expenses after soft holiday sales

Matt Hamblen | Feb. 1, 2017
Company and analysts still see future market for smartwatches

In the third quarter, Apple had 41% of the market, but shipped only 1.1 million units, down 72% from the previous year, IDC said. Garmin came in second, with 600,000 smartwatches shipped and 20% of the market. Samsung was third with 400,000 shipped and 14% of the market.

Officials at Valencell, which makes sensors and other technology for wearables, said that while sales slowed for Fitbit, sales increased for some of its competitors.

"'Wearables' is not one market or one use case," said Steven LeBeouf, president of Valencell. "Several segments of the market are seeing tremendous growth, including 'hearables,' clothing and apparel and industry safety applications."

 

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