FIT - A Foolish Take: When It Comes to Wearables More People Think Fitbit Than Apple
Fitbit (NYSE: FIT) was once the top wearables maker in the world, but it was eventually surpassed by Apple (NASDAQ: AAPL), Xiaomi, and Huawei. Fitbit tried to keep up with new devices, but its growth continued to decelerate, its gross margin crumbled, and its stock plunged nearly 80% over the past three years.
However, a recent survey from The Manifest found that more people are familiar with Fitbit's wearables than Apple's. The Manifest claims two factors kept Fitbit relevant: its first-mover advantage and its affordable devices.
Data source: The Manifest. Chart by author.