Fitbit Off to Slow Start in 2017 as Devices Pile Up, Report Says
- Cleveland Research says demand so far this year is ‘weak’
- Maker of fitness tracker had to halt production in December
Fitbit Alta.
Source: FitbitThis article is for subscribers only.
Fitbit Inc. isn’t starting off 2017 on a high note, according to a report by Cleveland Research.
The maker of wearable fitness trackers halted production in mid-December because the devices were piling up at retailers and suppliers amid disappointing sales, according to a report by the firm published Tuesday. Demand so far this year is “characterized as weak,” Cleveland Research said, suggesting analysts’ estimates for 2016 fourth-quarter earnings may be too high.