Google seeking to buy Fitbit

Posted on Tuesday, Oct 29 2019 @ 10:33 CET by Thomas De Maesschalck
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Word is going around that Google is planning to buy wearable fitness tracker Fitbit. Reuters reports Google's parent company, Alphabet, is in talks with Fitbit about a possible acquisition. So far, Google has no presence in the wearable electronics market. A couple of years ago, the tech company experimented with the Google Glass head-mounted display but that product never made it to the consumer market.
A deal for Fitbit would come as its dominant share of the fitness tracking sector continues to be chipped away by cheaper offerings from companies such as China’s Huawei Technologies Co Ltd and Xiaomi Corp.
Fitbit shares closed 30.86 percent higher yesterday at $5.64, the highest level since Spring 2019. The company's market cap is currently $1.46 billion.

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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