Fitbit CEO Sees Much Growth as Penetration Rises
It’s a “misconception” that the increasing number of competitors entering the “crowded” wearables market created a “significant headwind” for Fitbit, CEO James Park said on an earnings call. "Most of these entrants have not altered the competitive dynamics.” Smartphone penetration…
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“provides a reasonable point of comparison for addressable opportunities in different markets,” he said Tuesday. By the end of Q2, Fitbit shipped a “lifetime total” of 35.6 million devices in the U.S., he said. That’s 15 percent of the base of 230 million smartphones, he said. “In terms of unit shipments versus the addressable market, we're not even close,” which means "opportunity for growth,” he said. The company's stock closed up 13 percent Wednesday to $14.93.