Fitbit is cutting 6% of its workforce after poor holiday sales numbers

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Fitbit (FIT), the company synonymous with wearable fitness trackers, has announced that it’s laying off 6% of its global workforce, or 110 employees, after posting disappointing preliminary results for the fourth quarter of 2016. Fitbit says the corporate restructuring comes as a result of lower than expected demand for its products in mature markets like the U.S. Unfortunately, Fitbit didn’t mention how it performed in China, which offers the largest growth opportunity for the company.

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