Fitbit will release information relating to its fourth quarter earnings on Monday and it reportedly won’t be good news. According to The Information, the wearable technology company will not only disclose results below expectations, but that it will also be laying off up to 10 percent of its workforce.
It’s unclear which department will experience the most cuts, but between 80 and 160 people are said to be impacted. This action will also save Fitbit around $200 million in costs.
The reduction in workforce and earnings results are being blamed with a sluggish market, one that appears to be waning in its interest over fitness bands. Fitbit likely recognized this trend recently and sought to move past its current wearable…