In its recently released fiscal 2017 earnings report, Fitbit says it will release more smartwatches this year.
The company published the report on February 26th. In it, Fitbit co-founder James Park says that the company will continue to expand in the smartwatch category.
Fitbit first entered the traditional smartwatch space when it released the Blaze smartwatch in early 2016. It then bought Canadian founded smartwatch company Pebble in late 2016 and has since only added one new watch its product line, the Ionic. A smartwatch which runs Fitbit’s proprietary OS as an alternative to smartwatches from Google, Apple or Samsung.
Fitbit currently sells nine different products that range from fitness trackers to smart scales, but it would be an interesting move for Fitbit to move further into the smartwatch space as it attempts to make up for lost revenue.
Fitbit recorded a $277 million net loss in fiscal 2017, even as the company managed to lower its operating expenses by $66 million year on year.
It hasn’t been all bad news for the company, however, as it was able to increase its gross margins by almost three percentage points to 42.8 percent.