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  • Fitbit Files for $100 Million IPO, Lists Apple Watch as a Threat


    New reports are claiming that fitness tracking device maker Fitbit is preparing to trade on the New York Stock Exchange using symbol ‘FIT.’ The company noted that they are hoping to raise at least $100 million. So far, the company has sold approximately 21 million devices to date and more than half was sold last year alone.

    When filing with the U.S. Securities and Exchange Commission, Fitbit was asked to provide potential business threats. Apparently, listed as a threat to the company was Apple’s recently released Apple Watch. They noted that the device has many different features including fitness and health capabilities.

    Apple has recently introduced the Apple Watch smartwatch, with broad-based functionalities, including some health and fitness tracking capabilities. We also compete with a wide range of stand-alone health and fitness-related mobile apps that can be purchased or downloaded through mobile app stores.
    The company’s direct competitor however, is a device called the Surge. It also focuses on fitness and health features. Fitbit’s recent explosion in sales definitely shows that more and more people are looking to be more conscious of their health and looking to track it. In 2014, Fitbit earned a net income of $131.8 million compared to their $51.6 million loss in the previous year.

    Source: SEC
    This article was originally published in forum thread: Fitbit Files for $100 Million IPO, Lists Apple Watch as a Threat started by Akshay Masand View original post
    Comments 7 Comments
    1. iBwizzle's Avatar
      iBwizzle -
      I just purchased a Fitbit ChargeHR Plum for my aunt for Mother's Day.
    1. bigboyz's Avatar
      bigboyz -
      I hope they do well with their endeavors. If they do, it just means stiffer competition in the health band/smart watch sector. The consumer will win. :]
    1. novadam's Avatar
      novadam -
      I wear an apple watch and a Fitbit charge. At the same time.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Quote Originally Posted by novadam View Post
      I wear an apple watch and a Fitbit charge. At the same time.
      How much variance do you see between the two?
    1. novadam's Avatar
      novadam -
      Quote Originally Posted by SpiderManAPV View Post
      How much variance do you see between the two?
      a LOT. but I wear the watch on my dominant wrist (left) and the fit bit on my right. I would have expected my dominant wrist to produce more steps, but the watch is always lower than the Fitbit, anywhere from 5% to a whopping 20% lower (like, watch shows 11,000 steps and Fitbit says 13,500).

      Weirdly, using the 13,500 vs 11,000 step day, although the watch had many fewer steps, it showed that I went 1.2 miles further than the Fitbit did.
    1. SpiderManAPV's Avatar
      SpiderManAPV -
      Quote Originally Posted by novadam View Post
      a LOT. but I wear the watch on my dominant wrist (left) and the fit bit on my right. I would have expected my dominant wrist to produce more steps, but the watch is always lower than the Fitbit, anywhere from 5% to a whopping 20% lower (like, watch shows 11,000 steps and Fitbit says 13,500).

      Weirdly, using the 13,500 vs 11,000 step day, although the watch had many fewer steps, it showed that I went 1.2 miles further than the Fitbit did.
      That’s really weird! If you had to say, which would be more accurate in your opinion?
    1. novadam's Avatar
      novadam -
      I really have no idea. But I'm guessing that the watch's GPS (via the phone) is probably more accurate for distance ... If it's using GPS, that is.