After initial rumours about 10%, Fitbit has now confirmed it will be conducting a "reduction in force, that will impact approximately 110 employees," or around 6% of its workforce. In an official statement, the company said that they missed the target of $725 million to $750 million and only earned between $572 million and $580 million.
The company refused to say which areas will see a reduction in workforce, but did add that they plan to reduce operating expenses by $200 million this year, which included "realigning sales and marketing spend."
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