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Fitbit (NYSE: FIT) has announced the rollout of its OS 5.1 software update, enhancing health tracking features and convenience for Fitbit Sense™ and Versa 3™ users. This update allows more comprehensive SpO2 tracking and introduces Google Assistant for hands-free control. The update is timely, considering the ongoing health challenges. Fitbit Premium has also expanded content, reaching over 500,000 paid subscribers and supporting 18 languages. The software update is available starting today, with Black Friday deals to follow, making devices more accessible.
Fitbit, Inc. (NYSE:FIT) reported third-quarter 2020 revenue of $364 million, showing a GAAP net loss of $(54) million or $(0.20) per share. Despite the COVID-19 pandemic's impact on operations, Fitbit introduced new products, notably the advanced Fitbit Sense smartwatch. Consumer services revenue surged 607% year-over-year to $15 million, with an annual run-rate exceeding $100 million. While U.S. revenue fell 6% year-over-year, international revenue grew 20%. The pending acquisition by Google is set at $7.35 per share, pending regulatory approval.
Fitbit has been awarded nearly $2.5 million by the U.S. Department of Defense to develop a wearable diagnostic for early COVID-19 detection. This funding, provided through the Medical Technology Enterprise Consortium, aims to validate a detection algorithm in collaboration with Northwell Health's Feinstein Institutes. Fitbit's existing COVID-19 research shows promising results, with nearly 50% detection of cases one day prior to symptom onset. The initiative supports military personnel's health by potentially preventing virus spread through early detection.
Fitbit (NYSE: FIT) announced it will release its third quarter 2020 results on November 4, after market close. The company will not host an earnings conference call due to its merger with Google. As the leading global wearables brand, Fitbit aims to help individuals lead healthier, active lives by providing data and guidance through its innovative products, including smartwatches and fitness trackers. The company operates in over 39,000 retail locations across 100+ countries.
