The stock of Fitbit Inc (NYSE:FIT) closed at $5.89 losing 2.32% in yesterday’s trading session. This fall, the provider will be unveiling its long-awaited smartwatch. It will be looking forward to challenging Apple Inc (NASDAQ:AAPL) with a device that will be coming with a sort of functionality that does not require a connected phone.
From October, Fitbit will kick start the sale of a smartwatch called Fitbit Ionic which will be going at $299.95.Users will be able to listen to their favorite tunes through Pandora .That will be despite the fact that the watch will need to be electronically tethered to a smartphone to access notification and messaging features. The same users will also easily pay for the different items they will need without using their phones.
A number of analysts have said that the uncoupling of smartwatches from smartphones is expected to move the smartwatch from a niche product to an in-demand device. These analysts believe that Fitbit’s focus on early leadership in wearables and fitness will go a long way towards helping the company take a large chunk of the market share. On Monday, the shares of Fitbit went up by 7%.
The past one year has witnessed the company go through pretty difficult financial times. This has resulted in the various analysts closely looking into the unveiling of the smartwatch. The company now looks more determined than ever to turn around its fortunes within the next holiday season.
This San Francisco-based provider went public in June 2015, posting a loss in each of the last three quarters. The financial downturn has negatively impacted the stock of Fitbit with the company’s shares falling drastically. From the outlook, the new watch seems to have been manufactured in close consideration of the various fitness enthusiasts in mind.
It is a device that can be used while swimming to depths of up to about 50 meters and asides from that, it is able to track activity. Fitbit insists that the watch has showcased compatibility with all phone operating systems. The company’s spokesperson stated, “Alongside the watch, Fitbit is also launching Bluetooth headphones, called Fitbit Flyer, for $129.95.”