Fitbit Cuts Workforce By 6% Due To Slow Wearable Sales

There had been rumors recently that Fitbit could be preparing to lay off a big chunk of its workforce due to slow wearable sales even though it’s currently the market leader in the wearable device segment. The company confirmed in its quarterly earnings release for Q4 2016 that it didn’t grow as much as it had hoped and is now having to introduce cost-cutting measures which include laying off 6 percent of its entire workforce.

The company announced that it sold 6.5 million wearable...

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