FitBit is a pioneer in wearable technology. But the company has recently shifted its strategy amid competition from the Apple Watch, and as the wearable market has failed to really see mass adoption. Cheddar's Hope King and Brad Smith explore the company's performance using E*Trade's innovative platform.
Adult wearable technology users in the U.S. is expected to grow nearly 12 percent this year, according to eMarketer. In a survey conducted by Cheddar, 18 percent said they own a FitBit compared to 27 percent who've said they own an Apple Watch. 47 percent of those surveyed by Cheddar say they don't wear any wearable technology.
FitBit has had an up and down year, with shares ranging between $5 and $7 a share. Overall, shares are down 17 percent over the course of the past year. The company did introduce its first smartwatch in 2017, and is looking to directly compete against the Apple Watch at a similar price point. Shares also hit a 52-week high in December during the holiday shopping season.
FitBit reports fourth quarter earnings after the Closing Bell Monday. Analysts expect revenue of nearly $590 Million, and to break even in profit.
Sen. Mark Warner (D-Va.) discussed the need for stronger cybersecurity measures for the U.S. prior to the Senate Intelligence Committee hearing on the SolarWinds data breaches in 2020.
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Democrats who were involved in the questioning during the House Financial Services Committee hearing on the GameStop stock controversy spoke to Cheddar about what they felt they learned.
President Joe Biden toured a state-of-the-art coronavirus vaccine plant Friday as extreme winter weather across broad swaths of the U.S. handed his vaccination campaign its first major setback.
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