Later today, Fitbit will release information on its fourth quarter earnings and although it continues to dominate the wearable market with a massive 23 percent market share, the company is expected to report weak last quarter earnings. Therefore, Fitbit is reportedly planning to lay off up to 10% of its 1,600 employees.
According to The Information, the wearable technology company is going to lay off 80 to 160 workers. With the cuts, Fitbit could save as much as $200 million in annual costs, but since the wearable market isn't improving, Fitbit could layoff more employees in the future. The only hope for Fitbit to open the rumoured app store that would allow third-party developers to make apps for the wearables.
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