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 $590 Million, and to break even in profit.
Body-care brand Busy Beauty wants over-taxed women to spend less time on primping. "We developed a full line of products that let women completely skip the shower if they either don't feel like it or don't have the time," said Jamie Steenbakkers, the company's co-founder and COO.
The chief strategist of Bubba Trading is casting doubt on the demand for Tesla's Model 3. "I don't know that I necessarily agree with there's demand there," Bubba Trading's Todd Horwiz told Cheddar Wednesday. "I think it's a great car. I think it's a great concept. I think it's an extremely overvalued company, and I think the CEO has got some issues that he's got to deal with."
Roughly five years ago, Detroit made history as the largest city to ever file for municipal bankruptcy. But in 2018, the Motor City is teaching itself how to transform from America's factory into an engine for innovation. According to start-up incubator TechTown CEO and president Ned Staebler, adjustments to the city's economy and the value of its labor supply could begin a tech-based rebirth, a future when automobiles are not just considered vessels of transportation, but rather as pieces of the revolution.
In 2019, 10 minutes out of every hour of media engagement will be spent streaming video on mobile, app market data provider App Annie told Cheddar. In 2018, app downloads hit 113 billion, Levitas said, while spending on Google ($GOOGL) Play and the Apple ($AAPL) app store hit $76 billion. On average, Americans spent three hours per day on apps.
New video-sharing platform Portal wants to help online video creators cash in on their content, says company founder Jonathan Swerdlin. "Portal is the first video sharing platform that everyone can use that completely skips the ad model and introduces really easy ways for users to pay each other," Swerdlin said in an interview on Cheddar. "Everyone can be their own mini HBO."
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.
Fair Financial is riding high on its recent $385 million round of funding. Founder and CEO Scott Painter is even willing to bet the used-car-subscription startup will go public down the line. "In most cases, I think it is really foolish to set a target that says, 'we are going to be a public company,' but in Fair's case, there is quite literally just so much money involved," Painter told Cheddar on Friday. "It will have to be a public company sooner than later."
These are the headlines you Need 2 Know for Friday, Dec. 21, 2018.
AppOnboard is looking to reinvent the app store by letting users instantly experience an app or game without having to download it. The company just raised $15 million in funding, bringing its total to $30 million this year. “We’re really excited to really re-invent the way that users consume apps,” Bryan Buskas, AppOnboard's chief operating officer told Cheddar on Thursday.
As Cheddar reflects on 2018, we are profiling the most innovative, flamboyant, and often-controversial entrepreneurs and corporate leaders who delivered the year's most memorable moments in business. Of the CEO Class of 2018, who was crowned Biggest Flirt? Class Clown? Cheddar's Most Outspoken Award Goes to Tim Cook.
