FIT - A Foolish Take: Google's Big Bet On Fitbit
Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) subsidiary Google recently announced plans to acquire Fitbit (NYSE: FIT) for $2.1 billion. The takeover would make Google the fourth-largest wrist-worn wearables maker in the world, but it still faces a tough uphill battle against market leaders like Apple (NASDAQ: AAPL).
Data source: IDC. Chart by author.
Google already owns Wear OS, but the smartwatch platform failed to gain enough developers and many of its hardware partners abandoned ship. It also acquired some of Fossil's smartwatch tech earlier this year. Google's purchase of Fitbit could pave the way for its long-rumored "Pixel Watch" to hit the market.