Fitbit is to cut between 5% and 10% of its employees, the company will announce on Monday, while disclosing that its fourth-quarter results were below expectations. The disclosures are the latest sign of a slowdown in the wearables market, according to two people briefed on the news.
About 1,600 people work at Fitbit so the job cuts affect between 80 and 160 people, across multiple departments. Fitbit is also undertaking a reorganization which, along with the job cuts, will reduce costs by about $200 million. The company’s board voted on the job cuts on Wednesday, one of these people said.