Katie Marsal
San Francisco-based fitness tracking device maker Fitbit on Thursday announced it is preparing for an initial public offering that it hopes will raise at least $100 million.
Fitbit plans to trade on the New York Stock Exchange under the symbol "FIT." The company has sold nearly 21 million devices to date, with more than half of those last year alone, showing the recent explosion in fitness tracking devices.
As part of its filing with the U.S. Securities and Exchange Commission, the company was also required to disclose potential threats to its business. Among those specifically cited was the Apple Watch.
"Apple has recently introduced the Apple Watch smartwatch, with broad-based functionalities, including some health and fitness tracking capabilities," the filing reads. "We also compete with a wide range of stand-alone health and fitness-related mobile apps that can be purchased or downloaded through mobile app stores."
Fitbit's most direct competitor to the Apple Watch is the Surge, a so-called "super watch" that focuses on health and fitness functions. While it isn't as functional as a full-fledged smartwatch, the device does include integrated GPS for outdoor activity tracking.
As part of the SEC filing, Fitbit revealed that it earned net income of $131.8 million in 2014, which was up from a loss of $51.6 million in 2013.
Charles Martin
Malcolm Owen
William Gallagher
Christine McKee
Wesley Hilliard
23 Comments
As part of its filing with the U.S. Securities and Exchange Commission, the company was also required to disclose potential threats to its business. Among those specifically cited was the Apple Watch.
Well duh.
Fitbit ipo? Now ive seen it all.... This just looks like a public money grab. What could they possibly do with other people's money that they aren't doing already? They think they can make more by going public than the profit they make staying private? What new product do they need investors for? Compete with apple? Not a chance...
FitBit will die soon. They should take the money and run. Maybe that's what they're trying to do here.
Future headlines:
Fitbit IPO oversubscribed, brings in $170 million
Apple Watch 2 to include GPS, blood pressure sensor, other missing features
Fitbit reports oversized losses in quarter leading up to introduction of Apple Watch 2
Apple Watch 2 sales top 7 million in first week, below 9 million expectations, stock tanks
FitBit to pivot into energy drink business, company to be renamed FitBull, stock soars
A stark realisation that they need to grab the cash and run. Whilst they are at it why not rebrand to S*itBit and done.