Fitbit Inc (NYSE:FIT) has no plans to delay its first “proper” smartwatch. During the company’s quarterly earnings call on Wednesday, CEO James Park denied reports that Fitbit has delayed its products due to some production issues.
Answering a question during the earnings call, Park said the company’s “new product introductions are on track.” He added that “the business is going as planned. And that’s why we are reaffirming our full-year guidance.”
According to recent reports from multiple sources, Fitbit has delayed its new fitness-tracking smartwatch due to issues related to the GPS antennae and waterproofing.
Fitbit has yet to officially announce the new smartwatch. The rumors mill suggest that the watch will arrive in fall 2017.
Fitbit Upcoming Smartwatch
Fitbit is rumored to be building a new smartwatch in a bid to challenge the Apple Watch.
According to a report from Yahoo Finance, Fitbit’s new wearable will be a “very retro-looking” smartwatch. The publication was able to view the presentation deck Fitbit presented to retail partners like Best Buy and Target.
The report suggests that the new watch will feature a color display with 1,000 nits of brightness similar to the Apple Watch Series 2.
The watch is said to feature a built-in GPS chip, heart-rate monitoring, and four days of battery life. In addition, unnamed sources told Yahoo Finance that the new watch would allow users to make touchless payments and play music from Pandora.
The watch will have an aluminum unibody design with two physical buttons on the right hand edge.
Fitbit is expected to launch the new smartwatch in the second half of 2017 for around $300.
Fitbit Q1 Results
Fitbit Inc (NYSE:FIT) reported better-than-expected first-quarter financial results on Wednesday.
The firm posted a loss of 15 cents per share on revenue of $299 million. Wall Street expected a loss of 18 cents per share on revenue of $280.8 million.
The company expects its second-quarter revenue to be in a range of $330 million-$350 million. The firm reaffirmed its full-year 2017 guidance of $1.5 billion-$1.7 billion.
How are Fitbit Shares Performing?
Shares of Fitbit Inc (NYSE:FIT) were trading up 13.73% in the morning session on Tuesday. Investors seem to be happy with the company’s better-than-expected first-quarter results.
FIT has surged around 15% during the last 30 days. However, the stock is down over 11% year-to-date.