Fitbit Stock Nosedives on Job Cuts, Weak Guidance

Things are going from bad to worse for Fitbit (NYSE: FIT). Shareholders were still reeling from the disappointing third quarter it announced Nov. 2, which resulted in a 34% drop in share price overnight, a decline it had yet to recover from. According to co-founder and CEO James Park, Fitbit now expects to report revenue between $572 million to $580 million for its fourth quarter, down markedly from earlier guidance of $725 million to $750 million. …read more

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