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.
Apple and Snap reported earnings today. By in large, Apple beat across the board while Snap came up short. Earnings per share and revenue reports below:
Snap
EPS: adjusted -$0.17 vs. -$0.17
Revenue: $230.7 million vs. $244.48 million
Apple
EPS: $2.73 vs. estimate $2.67
Revenue: $61.1 billion vs. estimate $60.84 billion
In the last few years, Philips has invested in transforming itself from an electronics company to a pioneer in digital health. The company wants to "give you back control of your own health" with its innovative medical devices and AI, says Joroen Tas, Chief Innovation and Strategy Officer at the Dutch company.
The tech giant showed that even weaker-than-expected iPhone sales can't slow the technology giant down. The company reported strong second-quarter earnings Tuesday, with more than $61 billion in revenue.
The social media company couldn't recover from the backlash over its redesign, posting a miss on both revenue and user growth.
A federal judge heard closing arguments this week about the merger and its potential impact on consumers. If the two companies are given the green light to join forces, it could smooth the way for other mergers, including the Sprint/T-Mobile partnership, said Dan Primack, business editor at Axios.
The VR company's latest mid-range product doesn't need to be tethered to another device, and it can sync up with TV apps or personal photos.
President Trump is delaying a decision on whether to impose tariffs on the EU, Canada, and Mexico by 30 days. The EU slammed this decision, saying "we will not negotiate under threat." Back in March, the Trump administration announced plans to impose tariffs on steel and aluminum imports from other countries.
The co-founder of WhatsApp is leaving the company and the board of Facebook. Jan Koum reportedly clashed with the social media giant over its data privacy policies. Facebook bought WhatsApp in 2014 for roughly $19 billion.
We're joined by James Reinhart, the CEO of thredUP, to discuss the growth potential in the resale retail market. His company thredUP is an online platform where people can buy and sell used clothing. Reinhart tells us how he's looking to expand thredUP into brick and mortar stores.
The former Microsoft CEO and owner of the L.A. Clippers says the sports industry needs to create arenas where video gamers can compete. "A lot of it is virtual but some of it has a physical aspect to it," he told Cheddar's Jon Steinberg. Ballmer is looking to redesign the Clippers arena in a way that integrates concerts and eSports under one roof.
The start-up is trying to be like Stitch Fix for second-hand clothing, offering users a box of consignment shop items they can either keep or return. "There are a lot of women who are looking for stuff that might be less expensive, that are more of a closet staple," says CEO James Reinhart.
The former Microsoft CEO says that regulating how tech companies use data will provide a framework in which to work and actually enable growth. "When you're in a time of uncertainty, and you don't know what the rules are, that's when it's toughest to innovate," Ballmer tells Cheddar's Jon Steinberg.
