Increasing popularity of smartwatches along with fierce competition could be primarily responsible for the stock’s downward trend. However, the company remains focused on driving growth and is expanding in Europe amid an unfavorable tax environment.
The recent fiasco involving Apple and the EU over tax issues has had no impact on Fitbit, a fitness wearables maker. The company remains firm on its expansion plans in Europe and has set up its regional headquarters in Dublin, Ireland.
Full Content: Zacks