The maker of increasingly diverse fitness trackers reported on Monday that growth is down and it would be laying off 110 employees.
Consumers are on the fence about fitness trackers, often abandoning wearables due to frustrating operating systems, inaccuracy and just plain boredom.
The IDC reports that basic wearables from Fitbit are winning, while advanced fitness trackers and smartwatches are struggling.
In lieu of the new Apple Watch model, Fitbit and Xiaomi dominate orders.
Investors hammered Kate Spade and Crocs for their disappointing earnings, while Shopify and Fitbit were nicely rewarded.
Retail sales fell in March, but good trade data in China and hope for an Italian bank bailout pushed markets higher.
Stocks are lower as Macy’s earnings and Hudson’s Bay sales please investors.