Fitbit recently released its first quarter earnings report, which showed that the company is growing faster than its competitors in the smart wearables industry. Meanwhile, even as the company brought good news to its investors about soaring profits and increasing market share, the CEO, Mr. James Park, had a revelation at the Q1 earnings call that should get technophiles and smart wearables enthusiasts excited. According to Mr. Park, Fitbit has lined up a range of “exciting new products" that the company plans to launch later this year. While Mr. Park did not get into the specifics, the company was earlier reported to have applied for trademarks on the Fitbit Flex 2 and the Fitbit Charge 2, according to a filing with the USPTO.
While there are no more details regarding the two aforementioned devices at this stage, the products that are currently in the market seem to be doing just fine for the Silicon Valley tech startup. While the Charge HR was one of the best-reviewed activity trackers from last year, the Fitbit Blaze and the Fitbit Alta have also become highly successful products in their own right, earning as much as 47% of the company’s overall revenues during Q1, 2016. Meanwhile, as a Kantar Worldpanel report from yesterday stated, Fitbit has around 61.7% share of the overall smart wearables market in the US, which is certainly something the company’s investors would be impressed with. Especially because more fancied competitors like Apple and Samsung are still languishing with low double-digit market shares.
Fitbit declared overall revenues of $505.4 million in Q1, 2016, having sold a whopping 4.8 million devices during the period. While the number doesn’t seem that big at first glance for those used to looking at the eye-popping numbers smartphone manufacturers seem to churn out every quarter, it is important to remember that the fitness tracker and smart wristband business is still in its infancy and has a pretty long way to go before it can match the sheer volumes of the smartphone industry. However, the signs are positive, as according to the aforementioned Kantar Worldpanel report, over one in ten Americans have already tried out a smart wearable, although Europeans are seemingly less enthusiastic about such products.