Skip to main content

Google parent Alphabet makes offer to buy Fitbit, sending stock soaring



#Google #Alphabet #Fitbit #Smartwatch #Fitnesstracker
Google parent company Alphabet made an offer to acquire Fitbit, a source familiar with the matter told CNBC Monday. Reuters first reported that Alphabet made the offer to buy Fitbit. Fitbit's stock was halted after skyrocketing more than 18%.
The stock resumed trading and ended the day up 30.5%, adding more than $330 million to its market cap to bring it to around $1.5 billion. Fitbit shares are now up more than 12% for 2019.
It's unclear how much Alphabet offered to buy Fitbit.
The deal would make Alphabet a player in the wearable fitness tracking space, competing against the likes of Apple, which recently released a new version of its popular smartwatch. Google licenses its Wear operating system to companies such as Fossil but does not currently make its own smartwatch.
Google has described its hardware strategy as "ambient computing," meaning users should be able to access its services wherever they are. Buying Fitbit could be a play to make Google services a greater part of customers' lives and measure up to Apple in the health and fitness space. Google hired former Geisinger Health CEO David Feinberg last year to consolidate its health-care strategy. The company announced several new hardware products earlier in October, including the new Pixel 4 smartphone.
For Fitbit, support from Alphabet could grant a much-needed boost for the company, which has seen Apple take over about half of the global smartwatch market in 2018 in terms of units shipped, according to Strategy Analytics. In its July earnings release, Fitbit lowered its guidance for the year, citing weaker-than-expected sales of its new lightweight watch.
Fitbit declined to comment. Alphabet did not respond to requests for comment. Alphabet's CFO declined to comment on the potential Fitbit acquisition in an interview following Alphabet's earnings report Monday afternoon.
By Lauren Feiner,Alex Shermancnbc.com

Comments

Popular posts from this blog

L.A. will rename Rodeo Road as Obama Boulevard in tribute to former president

The Los Angeles City Council voted to rename Rodeo Road as Obama Boulevard in honor of former President Obama, Mayor Eric Garcetti announced in a tweet Tuesday night. “We’re thrilled that Angelenos and visitors will forever be reminded of the legacy of President @BarackObama when traveling across L.A.,” he said in the tweet. City Council President Herb Wesson  proposed the name change in June 2017. Los Angeles is renaming Rodeo Rd. to Obama Boulevard in honor of former president Barack Obama. pic.twitter.com/UwzXxU6tHA — AJ+ (@ajplus) August 29, 2018 Not to be confused with the upscale Rodeo Drive in Beverly Hills, Rodeo Road is a 3.5-mile street that runs from near the Culver City border east to Mid-City. In his proposal, Wesson  noted that  Obama held a campaign rally at Rancho Cienega Park on Rodeo Road when running for president and that the area already has streets named after presidents, such as George Washington and Thomas Jefferson. It’s offic...

FLIGHT FACILITIES (Hugo) b2b TOUCH SENSITIVE in The Lab

#Deep_house #HouseMusic #HouseGrooves #Melodic #Electronic #djset #FlightFacilities #TouchSensitive An immaculate selection of disco and killer house grooves by Hugo (Flight Facilities) and Touch Sensitive. website: http://www.flightfacilities.com Youtube http://smarturl.it/SubscribeFF Facebook: http://www.facebook.com/flightfacilities Twitter: http://twitter.com/flightfac Soundcloud: http://soundcloud.com/flightfacilities Instagram: http://instagram.com/flightfac

Nordstrom selling taped-up sneakers for $530

It may be a shoe that shoe lovers have a hard time adding to their collection. Nordstrom is selling the Golden Goose sneakers dubbed the "Superstar Taped Sneaker."  They are new, but look like they are falling apart with dirt and tape already on them. And they are being sold for $530!  "Crumply, hold-it-all-together tape details a distressed leather sneaker in a retro low profile with a signature sidewall star and a grungy rubber cupsole," the description reads. If you were interested in purchasing them (were you?), they are sold out on the  Nordstrom website . abc7.com  - September 21st, 2018