Fitbit Adds 2 Million Active Users but Loses $121 Million in Q4, as ASPs Fall Nearly 20%
Fitbit revenue dropped to $502 million in Q4 from $571 million in the year-ago quarter, the company reported Thursday. The wearables maker added 2 million active users, bringing the total to 29.6 million, it said. It had a $120.8 million…
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loss compared with a $15.4 million profit a year ago. Average selling price plummeted 19% year on year to $81 per device, driven by introductions of more accessible and affordable devices and more aggressive promotions, it said. Fitbit sold 16 million devices in the quarter, and the smartwatch business grew 45% at retail on demand for the Versa 2 smartwatch, said CEO James Park. The company signed an acquisition agreement with Google Nov. 1 (see 1911010051), valued at $2.1 billion. Fitbit stockholders approved the transaction Jan. 3 but it has come under scrutiny by lawmakers and DOJ over antitrust concerns. Thursday, the European Data Protection Board warned Google’s buy of Fitbit poses privacy risks.