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.
SoundCloud, the German streaming service that was on the brink of collapse before a financial rescue in 2017, is doubling down as a platform for creators with a new service that will allow artists to upload and push their content to all of the major streaming providers, including Apple, Spotify, and Amazon. SoundCloud CEO Kerry Trainor told Cheddar it's an "exciting and natural addition" to SoundCloud's value proposition as a place where artists go to distribute their music.
The fallout continues over Amazon's decision to pull out of New York City. Many housing developers scooped up property in the area in anticipation of the 25,000 new employees that would have been coming to town. So what does that mean for the future of real estate in Long Island City? Amy Plitt from Curbed NY talked to Cheddar about how it will impact everything from rents to sidewalks.
While nearly every mid- to large-sized bank rushed to announce blockchain trials and experiments three years ago — only to conclude that they couldn’t find a useful application for the emerging technology — JPMorgan Chase has found its business case: payments.
Bradley Tusk, the founder and CEO of Tusk Strategies and former campaign manager of Mayor Michael Bloomberg, knows exactly why Amazon's HQ2 plans in New York City fell apart. "It's not that we didn't get it because of some geopolitical economic trend or something out of our control. We didn't get it because our own politicians and Amazon themselves were too incompetent and too arrogant and too tone deaf to get it right," Tusk told Cheddar.
Amazon's blog post announcing it will pull the plug on its New York City headquarters is nothing but a bluff to bring politicians back to the negotiating table, said D.A. Davidson Analyst Tom Forte. "Absolutely Amazon's bluffing," Forte told Cheddar Friday.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Wham-O, a company best known for mass-marketing iconic toys like the hula hoop and Frisbee, manufactures most of its toys in China. But only now that has chosen to branch out into e-bikes does the company anticipate feeling the sting of the ongoing trade war. "To date, it hasn't really affected us that much," Wham-O President Todd Richards told Cheddar. "Now with this new technology and this new product, we foresee a little bit of a cost impact."
These are the headlines you Need 2 Know for Friday, Feb, 15, 2019.
A Nashville councilwoman called Amazon's abrupt cancelation of plans to build a campus in New York City "disheartening" on Thursday, saying it sends a negative signal about the company's willingness to work with local officials. "It seems like the politicians up there and the local elected officials started asking tough questions, and that's what elected officials are supposed to do ー we're supposed to be stewards of the taxpayer dollars," Councilwoman Kathleen Murphy told Cheddar.
Despite tumbling shares post-earnings and the loss of a longtime executive, SurveyMonkey CEO Zander Lurie is bullish on the future, saying independence from big tech backing could prove to be an advantage in an increasingly competitive market.
