Fitbit is known worldwide as a fitness tracker maker, yet it never gotten into the smartwatch segment, but it plans to do so this year.
James Park, Fitbit CEO, confirmed at the beginning of this year that the company is developing its first smartwatch, but since than nothing else happened.
The company released its financial report for Q1 2017. The results aren’t good but the company sees an increase for the rest of the year and the CEO suggests that all products are on track, despite the rumors that suggests otherwise.
At first glance, the American company’s Q1 2017 financial results are hardly stellar, with revenue down from $505 million this same timeframe last year to $299M, and net loss per share of $0.15. But analysts were actually predicting stockholder deficits of 18 cents on earnings of around $280 million, so Fitbit has every reason to stay optimistic about positioning itself for the “next stage of growth within wearables and connected health.”
It would certainly help if that long overdue first full-on smartwatch came sooner rather than later, though CEO James Park appears to suggest recent rumors of delays and production troubles have been greatly exaggerated.
He’s not saying the fitness-focused Apple Watch “killer” will launch this or the next quarter, mind you, merely insisting that all “new product introductions are on track” and “business is going as planned”, which is why “we are reaffirming our full-year guidance.”
Namely, Fitbit believes it’s going to be able to rack up total 2017 revenue of between $1.5 and $1.7 billion, keeping net loss per share in the $0.44 – $0.22 range.