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Fitbit Continues to Lose Ground in the Global Wearable Market

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Dec. 13 2018, Updated 11:35 a.m. ET

Fitbit wearable shipments fell in the third quarter

According to market research firm IDC, Fitbit (FIT) occupied the third position in the global wearable market. Fitbit reportedly shipped 3.5 million units in the third quarter, a fall of 3.1% compared to shipments of 3.6 million units in the same period last year. Fitbit’s shipments fell YoY in a market that is experiencing robust growth. The global wearable market rose 21.7% YoY to 32 million units in the third quarter of 2018.

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The other top players in the wearable space include China’s (FXI) Xiaomi, Apple, Huawei, and Samsung (SSNLF) with shares of 21.5%, 13.1%, 5.9%, and 5.6%, respectively. Xiaomi, Apple, and Samsung outperformed the wearable market and gained significant market share. While IDC estimated Xiaomi’s shipments to rise 91% in the third quarter, it projects Apple’s shipments will rise 54% and Samsung’s shipments will rise 91%.

Fitbit has sold over 84 million devices to date

Fitbit has sold over 84 million devices since inception. In the third quarter, 58% of Fitbit’s device activations came from new users and 42% from repeat buyers. IDC stated, “Fitbit’s latest devices, including the Versa, Charge 3, and the Ace, helped the company slow its decline compared to previous quarters. In particular, the success of the Versa has allowed the company to once again become the second largest smartwatch vendor and IDC expects this to continue in the near term.”

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