|Bid||6.26 x 21500|
|Ask||6.27 x 3100|
|Day's range||6.24 - 6.37|
|52-week range||2.81 - 7.26|
|Beta (5Y monthly)||1.00|
|PE ratio (TTM)||N/A|
|Earnings date||29 Jul 2020 - 03 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||7.35|
EU regulators are checking whether Google's purchase of Fitbit might allow it to drive rival makers of wearable devices, app developers and other online service providers out of the market, and boost its dominance in online advertising and search. Healthcare providers are also being asked whether they would see Google as a rival if it is allowed to buy the fitness tracker company in a $2.1 billion deal criticised by privacy and consumer groups, according to EU documents seen by Reuters. The EU queries underscore the importance of Fitbit's <FIT.N> trove of health data generated from its devices, which are used to monitor users' daily steps, calories burned and distance travelled, and how this could further extend Alphabet Inc-owned <GOOGL.O> Google's market power into a fast-growing area.
(Bloomberg Opinion) -- If you’re concerned about the pervasive role in daily life of technology companies such as Alphabet Inc.’s Google, then its planned $2.1 billion acquisition of Fitbit Inc. is a worry.Google already owns the biggest search engine, the most popular video-streaming site (YouTube), the biggest mobile operating system (Android) and the dominant e-mail service (Gmail). All of these feed a digital-advertising business that generated $135 billion of sales last year. Do we really want to add Fitbit’s fitness tracking to its armory?A coalition of 20 organizations on Thursday urged antitrust authorities in the European Union, the U.S. and five other jurisdictions to scrutinize the takeover more closely. The EU plans to rule on the deal by July 20, although it may extend the probe if needed.The problem is that Google’s dominance in one market — digital advertising — isn’t necessarily enough, from an antitrust perspective, to block a deal in another sector. Google doesn’t currently make a health tracker or smartwatch. As such, it doesn’t compete with Fitbit. It isn’t trying to consolidate the market or cut the number of rivals. Indeed, a better capitalized Fitbit might improve competition in a smartwatch market dominated by Apple Inc.But this deal isn’t really about hardware sales: Fitbit’s $1 billion in expected 2020 revenue would represent just 0.7% of Alphabet’s total. The value from the acquisition is in the data that Fitbit is accumulating on all of its users. Knowing how far, how often and where people walk, run, cycle or swim every day could help advertisers, health insurers, city planners and plenty more besides. While Google is unlikely to sell that information directly to advertisers, it would help it build more complete advertising profiles of its users. In that sense, the fitness tracker market isn’t discrete from Google’s dominant ad-tech business. It could feed it, extending its dominance.With that in mind, regulators could impose restrictions while still clearing the deal. Aitor Ortiz, a Bloomberg Intelligence analyst, expects behavioral remedies will be imposed. That could mean Google promising not to merge Fitbit data with other user info without explicit consent. The tech giant takes a similar approach with Nest, a home automation company it acquired in 2014. Last year, it started encouraging users to merge their Nest data with their Google accounts.For those alarmed about Alphabet hoarding even more of our personal data, these promises probably won’t be enough. A stronger remedy would be to prohibit Google from ever extracting fitness information from a user’s devices. That’s how Apple treats fitness data from its Watch. Google insists that it wants Fitbit anyway, even without being able to farm its data. If that’s true, then it shouldn’t have any complaint about such a restriction. The purchase would still give it an entree to the smartwatch market, which will grow to $96 billion by 2027, according to Allied Market Research.Fitbit’s products also need to keep working with Apple’s mobile operating system as well as with Android. Otherwise, they would become a tool to force people to buy Android devices.This is an important test case that will be hard for regulators to get right. Past attempts at imposing behavioral remedies on the tech giants have failed: Facebook Inc. told Brussels back in 2014 that it wasn’t technically possible to merge its data with those of WhatsApp, but then it went ahead and did it anyway, accepting a paltry 110 million-euro ($124 million) fine from the European Commission for breaking its agreement. Google tends to be better behaved than Facebook, but its deep pockets give it a lot of power.Given the risks, the easiest solution might just be to block the Fitbit deal outright. But that would be legally harder to justify.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Twenty advocacy groups from the United States, Europe, Latin America and elsewhere signed a statement Wednesday urging regulators to be wary of Google's $2.1 billion bid for fitness tracker company Fitbit Inc <FIT.N> because of privacy and competition concerns. The 20 organizations - which include the U.S.-based Public Citizen, Access Now from Europe and the Brazilian Institute of Consumer Defense - argued that the deal would expand the already considerable clout in digital markets of Alphabet Inc's <GOOGL.O> Google.
The healthcare space is witnessing increasing proliferation of wearables and fitness trackers offered by Apple (AAPL), Fitbit, Garmin and others.
Wearable devices are being installed for surveillance to detect potential coronavirus cases. These body-worn devices can also be used to track social distancing and quarantine implementation.
Australia's antitrust regulator warned Google's planned $2.1 billion acquisition of fitness tracker maker Fitbit may give it too much of people's data, potentially hurting competition in health and online advertising markets. The Australian Competition and Consumer Commission (ACCC) is the first regulator to voice concerns about the deal in a preliminary decision on Thursday. The Alphabet Inc-owned tech giant is already at loggerheads with the Australian government over planned new rules about how internet companies use personal information.
EU antitrust regulators will decide by July 20 whether to clear Alphabet Inc-owned Google's $2.1 billion bid for fitness trackers company Fitbit, a deal that has prompted concerns from consumer groups and privacy advocates. Google sought EU approval on Monday, according to a filing on the European Commission website. The EU competition enforcer can either clear the deal with or without concessions or it can open a four-month long investigation if it has serious concerns.
Fitbit (NYSE: FIT) today announced a new Ready for Work solution to help employers with the unprecedented challenge of returning to the workplace during the COVID-19 pandemic. Fitbit’s Ready for Work solution gives employees access to key health metrics from their Fitbit device along with exposure, symptom and temperature logging, all within an easy-to-use Daily Check-In feature that provides employees with guidance on whether to go into the workplace. Daily reporting and analytics enable employers to quickly assess and monitor workplace health and safety and provide support for employees. The solution is available through Fitbit Health Solutions and aims to help employees and employers combat workplace spread of COVID-19 and return to work safely, confidently, and in good health.
Snapchat is the latest social media company to take on the president, Fitbit gets approval for its emergency ventilator and we review the new Sonos soundbar. Snap announced that it will not be promoting content from President Donald Trump’s Snapchat account in its Discover tab, following statements from Trump last week on Twitter threatening that protestors could be met with “vicious dogs” and “ominous weapons.”
Fitbit has secured an Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) for its Fitbit Flow emergency ventilator. The ventilator hardware is low-cost, and doesn't require very much training or expertise to use, making it a good solution for deployment in scenarios where healthcare systems are overwhelmed by resource strain stemming from the COVID-19 pandemic. The Fitbit ventilator is based on the MIT E-Vent system, as well as specs provided by the UK government for ventilators to be used by hospitals in that country during the ongoing coronavirus outbreak.
Fitbit (NYSE: FIT) today announced it has developed a high-quality, low-cost, easy-to-use emergency ventilator, Fitbit Flow, which has obtained Emergency Use Authorization (EUA) from the U.S. Food & Drug Administration (FDA) for use during the COVID-19 public health emergency.
Fitbit's activity-tracking wearable devices are already being used by a number of academic institutions to determine if they might be able to contribute to the early detection of COVID-19 and the flu, and now Fitbit itself is launching its own dedicated Fitbit COVID-19 Study, which users can sign up for from within their Fitbit mobile app. In order to gather the data needed to see if they can do this, Fitbit is asking users in either the U.S. or Canada who have either had or currently have a confirmed case of COVID-19, or flu-like symptoms that might be an indicator of an undiagnosed case, to answer some questions in order to contribute to its research. Early detection could also have advantages in terms of treatment, allowing health practitioners to intervene earlier and potentially prevent the worst of the symptoms of the infection.
It's been over six months since Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) proposed its $2.1 billion acquisition of wearables maker Fitbit (NYSE: FIT). The deal has attracted criticism and underscored ongoing antitrust scrutiny of large powerful tech companies. Earlier this year, the European Data Protection Board (EDPB) argued that the acquisition would represent "a high level of risk" to consumer data.
Alphabet Inc-owned Google's planned $2.1 billion buy of fitness trackers company Fitbit may harm consumers and hinder innovation, European consumer group BEUC said on Wednesday, calling it a game-changer deal in the health and digital markets. Google announced the deal in November last year, a move which would allow it to take on Apple and Samsung in the crowded market for fitness trackers and smart watches. Critics however said the deal would give the U.S. tech giant access to a trove of health data gathered from Fitbit's fitness trackers and other devices used to monitor users' daily steps, calories burned and distance travelled.
Fitbit (FIT) delivered earnings and revenue surprises of -9.09% and -30.31%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
Fitbit, Inc. (NYSE:FIT) today reported revenue of $188 million, GAAP net income per share of $0.07, non-GAAP net loss per share of $(0.24), GAAP net income of $20 million, non-GAAP net loss of $(65) million, cash flow from operations of $(82) million, and non-GAAP free cash flow of $(86) million for its first quarter of 2020.
The hardware to detect irregular beats is present in FitBit's devices, but is not available to consumers. Device users who enroll in the study will be allowed to test it in order for Fitbit to seek regulatory review. Fitbit, which is being acquired by Google-parent Alphabet Inc, said in October that it planned to develop https://www.reuters.com/article/us-fitbit-health/fitbit-in-healthcare-partnership-to-take-on-apple-watch-idUSKBN1WW263 a method to detect irregular heartbeats that would match the feature available on rival Apple Inc's Watch.
Fitbit (NYSE: FIT) today launched the Fitbit Heart Study, its first large-scale, virtual study to validate the use of its wearable technology to identify episodes of irregular heart rhythm suggestive of atrial fibrillation (AFib), the most common form of heart rhythm irregularity. This study is part of the Company’s broader strategy to make easy-to-use tools that accelerate detection of a range of conditions more accessible. The Fitbit Heart Study aims to enroll hundreds of thousands of people, and its results will support the Company’s regulatory submissions globally.