After sagging sales numbers, Fitbit’s stock price collapses by over 33%
In Thursday afternoon trading, Fitbit’s stock price lost more than one-third of its value after the company announced a significant drop in profits.
According to its latest quarterly numbers, the company made $26.1 million in the third quarter of 2016 compared with $45.8 million during the same quarter a year ago.
In mid-September, the company released the Fitbit Charge 2, a mid-range $150 device. Many financial analysts believe that the market for the popular fitness tracker may be hitting its saturation point. The company’s CEO, James Park, said as much on a call with analysts and reporters on Thursday.
