Fitbit is stumbling... so it's making a smartwatch

In unsurprising news, Fitbit released a preliminary statement this morning detailing its disappointing financial results for the fourth quarter of last year. 

The statement was headlined by an announcement of "cost reductions to improve efficiencies and strengthen performance," which, in plain terms, means layoffs. These "reorganization efforts" amount to the elimination of six percent of Fitbit's workforce, or about 110 employees.

Even as the Fitbit eliminates those positions and tightens its belt in some areas, however, it looks to move into a new vertical within the wearable market: smartwatches.    Read more...