FIT - Apple Strikes Another Blow to FitBit's Struggling Business
Apple's (NASDAQ: AAPL) main growth engine used to be its signature iPhone. Much of the tech world -- as well as consumers worldwide -- held their collective breath as the company announced the latest iPhone and its ever increasing slate of features.
However, excitement over new iPhones has cooled down significantly in recent years, and though Apple still depends largely on this business segment, it's no longer the tailwind it used to be. Instead, the tech company has had to turn to other categories to generate growth. One of them is Apple's wearables business, much to the dismay of industry pioneer FitBit (NYSE: FIT).
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