Finance
Fitbit erases losses after report says smartwatches not on tariff list
- Fitbit shares erased their losses after a Bloomberg report said the US won’t include smartwatches in the next round of tariffs.
- The Asia-Pacific market was a bright spot for the company.
- Watch Fitbit trade in real time here.
Fitbit shares erased their losses after Bloomberg reported the US won’t include smartwatches on the list of $200 billion worth of Chinese goods that will be hit with upcoming tariffs. Shares were down 3% before the news.
The proposed tariffs could have potentially lifted prices of those products, Apple warned in a letter sent to the government earlier in September. The tech giant said that “all tariffs ultimately show up as a tax on U.S. consumers” and that they will “increase the cost of Apple products that our customers have come to rely on in their daily lives.”
The Asia-Pacific market was a bright spot for the company, with the regional revenue up 66% year over year, according to CNBC. Sales in many other regions all faced declines, including the Middle East and Africa, where revenue plummeted 39% year over year, and the US, where revenue dropped 8%,
Tariffs on smartwatches and fitness trackers would hit Fitbit particularly hard. In August, Fitbit posted a loss of $0.22 a share for second quarter, topping the Wall Street consensus of a $0.24 loss per share, according to Reuters data. The company also said revenues totaled $299.3 million, above the $285.4 million that was expected.
Shares of Fitbit are down 8% this year.
Now read:
Get the latest Fitbit stock price here.
-
Entertainment7 days ago
NASA discovered bacteria that wouldn’t die. Now it’s boosting sunscreen.
-
Business6 days ago
Tesla drops prices, Meta confirms Llama 3 release, and Apple allows emulators in the App Store
-
Business5 days ago
TechCrunch Mobility: Cruise robotaxis return and Ford’s BlueCruise comes under scrutiny
-
Entertainment6 days ago
‘The Sympathizer’ review: Park Chan-wook’s Vietnam War spy thriller is TV magic
-
Business4 days ago
Tesla layoffs hit high performers, some departments slashed, sources say
-
Business5 days ago
Meta to close Threads in Turkey to comply with injunction prohibiting data-sharing with Instagram
-
Entertainment4 days ago
ChatGPT vs. Gemini: Which AI chatbot won our 5-round match?
-
Business3 days ago
Former top SpaceX exec Tom Ochinero sets up new VC firm, filings reveal