Fitbit erases its losses after report says smartwatches won't be on tariff list (FIT)

pulse

September 17, 2018 7:57 PM

Fitbit shares recouped their losses after a Bloomberg report says the US won't include smartwatches in its next round of tariffs.

The Asia-Pacific market was a bright spot for the company.

Fitbit shares erased their losses after Bloomberg reported the US won't include smartwatches on the list of $200 billion worth of Chinese goods that will be hit with upcoming tariffs. Shares were down 3% before the news.

The proposed tariffs

Tariffs on smartwatches and fitness trackers would hit Fitbit particularly hard. In August, Fitbit posted a loss of $0.22 a share for second quarter, topping the Wall Street consensus of a $0.24 loss per share, according to Reuters data. The company also said revenues totaled $299.3 million, above the $285.4 million that was expected.

Shares of Fitbit are down 8% this year.

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