Flex 2

Over the past week, Fitbit’s (FIT) stock has lost over 30% of it’s value. The plunge happened at the end of last week after the fitness tracker company missed earnings estimates and tempered expectations for the Holidays. In the days since, shares of Fitbit have been unable to bounce back. While only missing estimated revenue by $3 Million, year-over-year income fell by almost 43%. This is despite introducing new models and aligning with both Kohl’s and Vera Wang. Even worse, for the vital Holiday quarter Fitbit is projecting revenue of $725 Million to $750 Million versus expectations of $925 Million. So what exactly is happening with Fitbit and what does this mean for the larger wearable market?