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Fitbit on Tuesday announced cost reductions and layoffs of 6% of its global workforce after experiencing softer-than-expected holiday demand for fitness trackers.
The company and analysts said despite the negative news, there is still a future market for wearable devices as well as for smartwatches made by Apple, Samsung and, soon, Fitbit itself.
In its preliminary financial results for the fourth quarter of 2016, Fitbit said it sold 6.5 million devices, with revenues expected to reach up to $580 million, down from previous guidance of $750 million.
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