Fitbit cuts guidance, plans to layoff 6% of its workforce

Shares of Fitbit Inc. plunged 17% to a record low Monday after the company cut its fourth-quarter guidance and announced plans to lay off more than 100 workers.

Following “weaker-than-expected” holiday sales, Fitbit FIT, -15.95% said it expects an adjusted loss per share of 51 cents to 56 cents in the quarter, after previously announcing guidance for a profit of 14 cents to 18 cents a share. Fitbit reports fourth-quarter earnings on Feb. 27.

The company said it plans to lay off about 110 employees, or 6% of its workforce, as part of a restructuring of the business.

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