FIT - Fitbit, Inc.

NYSE - NYSE Delayed Price. Currency in USD
6.70
-0.05 (-0.74%)
At close: 4:07PM EST

6.68 -0.02 (-0.30%)
Pre-Market: 8:34AM EST

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Previous Close6.75
Open6.75
Bid6.67 x 38500
Ask0.00 x 43500
Day's Range6.67 - 6.76
52 Week Range2.81 - 7.26
Volume6,291,337
Avg. Volume13,579,793
Market Cap1.743B
Beta (3Y Monthly)1.72
PE Ratio (TTM)N/A
EPS (TTM)-0.73
Earnings DateNov. 6, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est7.35
  • 3 Factors in Google’s Acquisition of Fitbit
    The Motley Fool

    3 Factors in Google’s Acquisition of Fitbit

    Google's acquisition of Fitbit raised many eyebrows in the investing world, so we investigate whether the wearables manufacturer should be happy or not about it.

  • The Zacks Analyst Blog Highlights: Google, Fitbit, Apple, Facebook and Amazon
    Zacks

    The Zacks Analyst Blog Highlights: Google, Fitbit, Apple, Facebook and Amazon

    The Zacks Analyst Blog Highlights: Google, Fitbit, Apple, Facebook and Amazon

  • Google Makes Another Cloud Acquisition During Antitrust Probe
    Bloomberg

    Google Makes Another Cloud Acquisition During Antitrust Probe

    (Bloomberg) -- Google announced plans to buy enterprise software firm CloudSimple Inc., another sign the search giant isn’t letting a flurry of antitrust investigations interrupt its expansion strategy.CloudSimple will join Google Cloud, a priority business for the Alphabet Inc. unit. The companies didn’t disclose financial terms.The acquisition could help Google get a foothold in a corner of the cloud-computing market where larger rivals, Microsoft Corp. and Amazon.com Inc., have run ahead. CloudSimple builds tools that help companies move information, applications, databases and other systems from in-house data centers to the public cloud.The Santa Clara, California-based startup specializes in VMware virtualization software, which helps businesses run corporate networks and business software more efficiently. VMWare’s large enterprise customer base has made it an attractive partner for the leading public cloud providers, including Google.In a Google blog post announcing the deal, Ajay Patel, a VMware Inc. senior vice president, said his company will continue to work with CloudSimple.In recent months, U.S. regulators and Congress have opened multiple inquiries into Google over competition concerns, including the company’s history of acquisitions. Since those probes began, Google has announced multibillion-dollar takeovers of Looker Data Sciences Inc., a cloud company, and Fitbit Inc., a device-maker.Google has argued that it has a small market share in cloud computing, enterprise software and consumer devices. Antitrust officials cleared Google’s $2.6 billion bid for Looker in early November.To contact the reporters on this story: Mark Bergen in San Francisco at mbergen10@bloomberg.net;Nico Grant in San Francisco at ngrant20@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Google + Fitbit + Antitrust Concerns
    Zacks

    Google + Fitbit + Antitrust Concerns

    Google + Fitbit + Antitrust Concerns

  • Google Finds Its Deal Whisperers at Old-School Bank Lazard
    Bloomberg

    Google Finds Its Deal Whisperers at Old-School Bank Lazard

    (Bloomberg) -- It’s been an up-and-down few years for Lazard Ltd., the storied blue blood investment bank.Its share of deal advisory work worldwide is ranked at its lowest in almost two decades, falling behind rival Evercore Inc., Bloomberg data show. Top Lazard bankers such as Matthieu Pigasse and Antonio Weiss have left and a few offices closed.Yet amid the setbacks, Lazard, founded in the 1800s as a dry goods merchant, can count on a surprising and steady source of business: Google, the quintessential Silicon Valley firm. Over the last decade, Lazard has quietly become Google’s go-to adviser, bringing it the cachet -- though not big fees -- of working with one of the world’s largest companies.Lazard has represented the Alphabet Inc. unit on every takeover where it used an outside adviser -- a total of $22 billion in transactions over that period, from Motorola Mobility for $9.8 billion in 2011 to Fitbit Inc. for $2.1 billion this month. For its many smaller transactions, Google generally uses its in-house banking staff.That kind of relationship, while informal, is rare these days, especially in the cut-throat world of technology investment banking. Companies typically use a variety of banks when doing deals. The Google-Lazard tie-up -- put together almost a decade ago by one of its bankers, Vernon Jordan, the well-connected power broker -- is more reminiscent of the century-old banking relationship between General Electric and what is now JPMorgan Chase & Co. And like that one, it reflects in part personal relationships and a desire for discreetness.“This harkens back to the old line way of banking where corporations would have this kind of relationship with an institution for decades,” said Barbara Byrne, a former vice chairman at Barclays Plc and now a director at CBS Corp.Antitrust ScrutinyThe Google business alone won’t make or break Lazard, to be sure. The New York-based firm’s share of global M&A by deal value is just 4.3% this year, the lowest since 2001, according to data compiled by Bloomberg. That share has especially tumbled in recent years as rainmaker bankers such as Ken Moelis, Paul Taubman and Blair Effron founded their own boutique firms that compete on megadeals.Google transactions may have brought Lazard a mere $70 million in fees since 2011, according to an estimate by consultant Freeman & Co. In the third quarter alone, Lazard posted financial advisory revenue of $304 million.And Google’s acquisition activity may slow as antitrust scrutiny grows from federal, state and Congressional investigators looking into whether the company is using its size to hurt competitors.But the relationship with Google serves to burnish the firm’s reputation, and allows its bankers to play up the ties, such as when seeking business with emerging tech companies, a person familiar with the situation said.“There’s no banker in the world who wouldn’t want that relationship,” Byrne said. “They would jump hoops for it.”Google and Lazard declined to comment.On Lazard’s last earnings call, CEO Ken Jacobs said that its financial advisory activity had “gained momentum.” The firm has reshuffled leadership in recent months, promoting several bankers including naming Peter Orszag as the firm’s chief global dealmaker in April. (Orszag is a Bloomberg Opinion columnist.)Jordan’s RoleLazard won its role with Google thanks partly to Jordan, 84, who had been a friend and adviser to former President Bill Clinton. He started working for Lazard in 2000 as the ultimate door opener and now holds the title of senior managing director.His entrée to Google was through David Drummond, who joined the company in 2002 and is now its vice president of corporate development, people familiar with the matter said. Jordan delivered a speech to honor Drummond at a social justice gala last year where he called him a “good friend.”(A former Google employee who had a long-term relationship with Drummond alleged in August that she was forced out of the company after dating him. Drummond has acknowledged the relationship and said he has addressed it with Google.)‘Science Experiments’Google pays Lazard a retainer of more than $200,000 a month for its services, according to people familiar with the situation. While some other banks have retainers with clients, Lazard’s is notable for its duration, going back years.Lazard plays a variety of roles for Google. Often it acts as a consultant, such as a McKinsey would, researching industries and exploring potential takeover targets, according to people familiar with the matter. A former Lazard employee described the work as doing “science experiments” for Google.They sometimes lead to being hired for traditional M&A advice, or coming in only for late-stage negotiations after Google employees handled the earlier talks.In the Fitbit acquisition, Lazard initially prepared a study on the smartwatch market, which laid the groundwork for Google to buy some of watchmaker Fossil Group Inc.’s technology earlier this year. That, in turn, led to Google hiring Lazard for the Fitbit purchase.Deep PocketsGoogle doesn’t typically require the array of services, notably takeover financing, offered by bulge bracket firms like Goldman Sachs or JPMorgan. The company has deep pockets to pay for a transaction itself. That’s why it made sense to turn to a firm that focuses more heavily on M&A.Google also trusts Lazard to keep potential takeovers close to the vest, people familiar with the arrangement said, even viewing some of the Lazard bankers as if they were embedded in the corporate development group.Paul Haigney, the longtime Lazard banker who, with John Gnuse, handles the day-to-day Google relationship, is described by people who know him as an old-school banker, meaning in part that he doesn’t like meeting or gossiping with the press -- a much-prized trait at the typically secretive Google.In the Fitbit acquisition, Lazard’s role was handled in a typical low-profile way. A release announcing it omitted the bank’s name, listing only Fitbit’s financial adviser, Qatalyst.“Banking relationships at the CEO and board level are extremely personal and not institutional,” said Stefan Selig, managing partner at BridgePark Advisors, whose clients include CEOs and wealthy investors. “Those relationships tend to be sticky if the bankers and management teams don’t change and if the client is happy with the service.”To contact the reporters on this story: Liana Baker in New York at lbaker75@bloomberg.net;Gerrit De Vynck in New York at gdevynck@bloomberg.net;Sonali Basak in New York at sbasak7@bloomberg.netTo contact the editors responsible for this story: Jacqueline Simmons at jackiem@bloomberg.net, Larry Reibstein, Michael HythaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Key antitrust lawmaker frustrated with Google's Fitbit deal
    Reuters

    Key antitrust lawmaker frustrated with Google's Fitbit deal

    Lawmakers pressed top U.S. antitrust enforcers on their probes of tech giants Alphabet's Google , Facebook , Amazon and Apple on Wednesday, with the chair of a House subcommittee expressing frustration over the companies' continued acquisitions. In a hearing of the House Judiciary Committee's antitrust subcommittee, Makan Delrahim, the head of the Justice Department's antitrust division, said his investigative staff was focused on understanding how personalized advertising transactions work.

  • Bloomberg

    Google-Fitbit Deal Should Be Blocked by U.S., Groups Say

    (Bloomberg) -- U.S. antitrust enforcers should stop Google’s proposed acquisition of Fitbit Inc. because the deal will further consolidate the search giant’s control over consumer data, a coalition of privacy and consumer advocates said.The $2.1 billion takeover would allow Google to entrench its monopoly power in the digital marketplace, the groups said Wednesday in a letter to the Federal Trade Commission.“Through its vast portfolio of internet services, Google knows more about us than any other company, and it should not be allowed to add yet another way to track our every move,” they said.Alphabet Inc.’s Google is a leader in digital data, and Fitbit would give it a new stream of valuable health and activity data from Fitbit’s more than 28 million users. The purchase will mean Apple Inc. and Google control more than half of the global smartwatch market. Apple had 46% of this growing sector at the end of the second quarter, while Fitbit had 10%, according to research firm Strategy Analytics.A Google spokesman didn’t immediately respond to an email seeking comment about the letter to the FTC, which was signed by Open Markets Institute, the Center for Digital Democracy, Consumer Federation of America, and the Electronic Privacy Information Center, among others.A spokeswoman for the FTC didn’t immediately respond to a phone call and an email seeking comment.The deal is likely to face a stringent antitrust review. Google and other big internet companies are already under scrutiny at both the FTC and the Justice Department. A group of state attorneys general is also investigating whether Google’s business practices harm competition. Both Republicans and Democrats also have been strongly critical of practices by big technology and internet companies.Google is separately under scrutiny by the U.S. Department of Health and Human Services over its access to personal health data as part of a project to build a new internal search tool for the Ascension hospital network.\--With assistance from Ben Brody.To contact the reporter on this story: David McLaughlin in Washington at dmclaughlin9@bloomberg.netTo contact the editors responsible for this story: Sara Forden at sforden@bloomberg.net, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Fitbit Enhances Smartwatch Experience with OS Update, Debuts Best Heart Rate Tracking Yet for Versa 2, and Delivers Expanded Premium Features
    Business Wire

    Fitbit Enhances Smartwatch Experience with OS Update, Debuts Best Heart Rate Tracking Yet for Versa 2, and Delivers Expanded Premium Features

    Fitbit (FIT) today announced several new software updates, bringing advancements to its popular smartwatches and Fitbit Premium membership service1 so you can put your health and fitness goals front and center this holiday season and into the new year. Fitbit Versa 2TM will boast an enriched always-on display mode,2 expanded capabilities for Amazon Alexa Built-in3 and a new advanced heart rate algorithm featuring the best tracking yet, all while giving you 6+ days of battery life4 to make the most of your days (and nights).

  • Google-Ascension deal 'not a great reason' to reveal patient names: Expert
    Yahoo Finance

    Google-Ascension deal 'not a great reason' to reveal patient names: Expert

    A deal between Google and one of the U.S.’s largest hospital networks is stoking privacy concerns.

  • The Zacks Analyst Blog Highlights: Alphabet, Apple, Fitbit and Facebook
    Zacks

    The Zacks Analyst Blog Highlights: Alphabet, Apple, Fitbit and Facebook

    The Zacks Analyst Blog Highlights: Alphabet, Apple, Fitbit and Facebook

  • Fitbit (FIT) Q3 Loss In Line With Estimates, Revenues Beat
    Zacks

    Fitbit (FIT) Q3 Loss In Line With Estimates, Revenues Beat

    Fitbit (FIT) reports solid third-quarter revenues on the back of strength in smartwatches.

  • Alphabet's Fitbit Acquisition Should Get Regulatory Approval
    Zacks

    Alphabet's Fitbit Acquisition Should Get Regulatory Approval

    The acquisition makes perfect sense.

  • After Google's Fitbit deal, EU says worrying when firms targeted for their data
    Reuters

    After Google's Fitbit deal, EU says worrying when firms targeted for their data

    The acquisition of companies for their data is concerning in general for regulators, Europe's antitrust chief Margrethe Vestager said on Thursday, a week after Google bought fitness trackers company Fitbit . Alphabet Inc-owned Google paid $2.1 billion (£1.6 billion) for Fitbit to help it take on Apple and Samsung Electronics in the crowded market for fitness trackers and smart watches. Vestager declined to comment on the deal specifically but said there was general unease among regulators when data-heavy companies are the targets of bids.

  • Fitbit (FIT) Reports Q3 Loss, Tops Revenue Estimates
    Zacks

    Fitbit (FIT) Reports Q3 Loss, Tops Revenue Estimates

    Fitbit (FIT) delivered earnings and revenue surprises of 0.00% and 0.25%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?

  • Bloomberg

    Fitbit Sales Beat Wall Street Expectations Ahead of Google Deal

    (Bloomberg) -- Fitbit Inc. reported revenue that beat analysts’ estimates in its first quarterly results since Google announced its planned acquisition of the wearable technology company.Third-quarter sales were $347 million, the San Francisco-based company said Wednesday in a statement. That was a decline of 12% from the period a year earlier, but ahead of analysts’ projections of $345.1 million. The shares slipped less than 1% in extended trading after closing at $7.03 earlier on Wednesday.Earlier this month, Fitbit agreed to be acquired by Alphabet Inc.’s Google in a deal that could help shore up the internet giant’s consumer-hardware business while also increasing antitrust scrutiny. The companies expect the $2.1 billion transaction to close sometime in 2020.“We continued to make good progress shifting our business toward the faster growing smartwatch category with the introduction of Versa 2, expanding Fitbit Health Solutions, and deepening our relationship with consumers,” James Park, chief executive officer of Fitbit, said in the statement.“The continued success of the Fitbit brand is built on the trust of our users, and our commitment to strong user privacy and security will not change,” he added. “I’m excited about the combination of Fitbit and Google and look forward to closing the transaction.”To contact the reporter on this story: Kiley Roache in New York at kroache@bloomberg.netTo contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Alistair Barr, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Business Wire

    Fitbit Reports Third Quarter Results for the Three Months Ended September 28, 2019

    SAN FRANCISCO-- -- Revenue of $347 million, GAAP Net Loss Per Share of $ , Non-GAAP Net Loss Per Share of $ Fitbit Health Solutions revenue of $73 million Year-to-Date, up 31% year-over-year Fitbit, Inc. today reported revenue of $347 million, GAAP net loss per share of $ , non-GAAP net loss per share of $ , GAAP net loss of $ million, non-GAAP net loss of $ million, cash used in operations of $ million ...

  • The UK’s Labour Party: Block the Google-Fitbit Deal
    Market Realist

    The UK’s Labour Party: Block the Google-Fitbit Deal

    The UK’s Labour Party wants to stop Google’s acquisition of Fitbit. The UK previously delayed PayPal’s closing of the iZettle acquisition.

  • Google (GOOGL) Enters Wearables Race by Acquiring Fitbit
    Zacks

    Google (GOOGL) Enters Wearables Race by Acquiring Fitbit

    Alphabet (GOOGL), owner of Google, announced last week that it would be acquiring wearable fitness company Fitbit (FIT), for roughly $2.1 billion.

  • On-the-Move Tech Stocks: GOOGL, AAPL, FIT
    Market Realist

    On-the-Move Tech Stocks: GOOGL, AAPL, FIT

    Let's take a look at three big tech stocks— Alphabet (GOOGL), Apple (AAPL), and Fitbit (FIT)—to see what's driving them right now.

  • Why Apple Need Not Worry about Google’s Fitbit Takeover
    Market Realist

    Why Apple Need Not Worry about Google’s Fitbit Takeover

    Google’s acquisition of Fitbit on Friday was a significant development in the world of wearables, upon which Apple depends heavily.

  • Will Strong Competition Hurt Fitbit's (FIT) Earnings in Q3?
    Zacks

    Will Strong Competition Hurt Fitbit's (FIT) Earnings in Q3?

    Fitbit's (FIT) focus on innovation, including new smartwatches, is likely to have benefited Q3 earnings. However, intensifying competition in the wearables market may have remained a major concern.

  • Fitbit Is Moving Out of China. Until Then, It Wants Relief From Tariffs
    Bloomberg

    Fitbit Is Moving Out of China. Until Then, It Wants Relief From Tariffs

    (Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. Fitbit Inc., soon to be acquired by Google, says it’s shifting manufacturing operations out of China for its health trackers and smartwatches to avoid U.S. tariffs. But until then, it wants relief from President Donald Trump’s duties.The smartwatch maker has filed a request for an exclusion on the 15% duty that took effect Sept. 1 on its wrist-wearable communications devices, saying that while its goal is to eliminate the use of Chinese manufacturers, it “respectfully requests” a tariff waiver for its smartwatches and fitness trackers now imported from China.The duties will allow Chinese firms such as Huawei Technologies Co. to gain U.S. market share while helping China’s data-collection and surveillance aims, the firm said.“Tariffs that place U.S. brands like Fitbit at a disadvantage relative to Chinese competitors in the U.S. market will only further these objectives,” the company said in its exclusion request, which was posted online Oct. 31. The Office of the U.S. Trade Representative will make the determination.The request for a tariff waiver was posted a day before before Fitbit announced that Alphabet Inc.’s Google had agreed to buy the wearable device maker for $2.1 billion in cash, a move that could shore up the internet giant’s hardware business while also potentially increasing antitrust scrutiny.Exclusion CriteriaThe company referred requests for comment to its exclusion request and a previous release.Exclusion decisions are based on whether a product is available only from China, is strategically important or related to Chinese industrial programs, and whether duties will “cause severe economic harm” to the company or U.S. interests.Fitbit said the vast majority of global production capacity for wrist-wearable communications devices is in China, and that while it’s aware of facilities in Taiwan and South Korea producing such devices, they’re fully owned by or contracted to competitors.Fitbit said last month it’s moving manufacturing operations out of China and that starting in January, the firm expects its smartwatches and health trackers won’t be of Chinese origin and therefore not subject to import duties.Supply ChainsIn its exclusion request, Fitbit said it understands the Trump administration’s concerns about trade with China and “has taken significant steps to overhaul its supply chain and minimize its reliance on Chinese component suppliers and contract manufacturers.” It said those efforts are continuing.“Fitbit has taken these steps in response to the Administration’s concerns, despite the costs and challenges of uprooting an established global supply chain that has been developed meticulously over more than a decade,” the company said.The U.S. is accepting requests through Jan. 31 for exclusions from the latest round of tariffs on about $110 billion in Chinese imports, as the Trump administration seeks to negotiate a trade deal with China. Duties are also in effect on $250 billion in other Chinese goods, and a separate batch of about $160 billion in products is set to be hit with tariffs on Dec. 15 if a deal isn’t struck.Trump is looking to sign a “phase one” agreement with Chinese President Xi Jinping this month, and the president said Sunday he expects the initial deal will be signed somewhere in the U.S.Among the first companies to file exclusion requests for the latest round of duties besides Fitbit are Apple Inc., which is seeking relief from duties on the Apple Watch, iMac, parts for the iPhone and other components, Christie’s for certain imported art and antiques, and Square Inc.(Updates with company response in sixth paragraph.)To contact the reporter on this story: Mark Niquette in Columbus at mniquette@bloomberg.netTo contact the editors responsible for this story: Sara Forden at sforden@bloomberg.net, Ros Krasny, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Google's acquisition of Fitbit is clearly a data play: analyst
    Yahoo Finance

    Google's acquisition of Fitbit is clearly a data play: analyst

    Google announced it will acquire Fitbit in a deal worth $2.1 billion.

  • ACCESSWIRE

    SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of Fitbit, Inc. (NYSE:FIT)

    BALA CYNWYD, PA / ACCESSWIRE / November 1, 2019 / Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Fitbit, Inc. ("Fitbit" ...