In a surprise twist, the Apple Watch was not the winner of the holiday seasons. Fitbit Inc climbed nearly 4% in its market shares after it was reported that they would have strong Christmas sales. The fitness company's app ranked number 2 amongst all free apps on Apple's app store today, second only to YouTube. On Christmas Day, it was number 1.
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Fitbit stock rose $1.07, or 3.7%, to $29.98 in mid-morning trading, according to Tech Crunch.
This holiday was considered to be a big test for Fitbit, especially after it faced severe competitions from other wearbles and the Apple Watch.
An RBC Capital Markets report from November said Fitbit sold 4.8 million wearables in the third quarter, up 106% from the same period a year ago. And at a Barclays global technology conference in early December, Fitbit Chief Financial Officer William Zerella said the company had devices in 48,000 stores across the globe, 35,000 of which were in the U.S.
Despite the fact that many were worried about the Apple Watch, it doesn't seem to be doing as well as the Fitbit.
“We think we target a different customer than someone who is really looking for a general purpose smartwatch,” Zerella said at the tech conference. “Apple will come up with new generations of their devices and will get smarter and do all kinds of other things, I’m sure, but obviously, we’re not standing still either.”
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Fitbit's sales seem to be an indication of what has happened as a whole this year, with spending increasing 7.9% from a year ago. Part of the jump was due to the rise in online shopping, which was up 20% this year.