Fitbit shares plunge after Apple Watch unveil
Fitbit shares plunged on Wednesday after Apple announced new health-related features for the latest version of its wearable platform, Apple Watch.
The Apple Watch Series 4 features an overhauled design that includes a 30 percent larger display than previous models. The wearable device also has a built-in capability to perform an electrocardiogram (ECG) to monitor heart rate and other key health data, a fall detection system and emergency SOS services if the wearer is injured.
Apple’s device also boasts Food and Drug Administration approval for use as a health device, as well as a suite of apps to help users live a healthier lifestyle. The Series 4 smartwatch can be pre-ordered starting on Friday with costs starting at $399.
The product launched just one month after Fitbit unveiled the latest version of its own fitness tracker, the Charge 3, which goes on sale in October for $149. Fitbit derives more than half of its annual revenue from smartwatch sales, according to Barron’s.
Fitbit shares fell more than 6 percent in trading after Apple’s announcement.
Aside from the latest version of the Apple Watch, the tech giant unveiled three new versions of the iPhone at various price points.