Fitbit Plunges to Record Lows on Poor Versa Lite Sales and Guidance Cut

So much for that turnaround.

Fitbit (NYSE: FIT) had been putting together a comeback in recent quarters, driven in large part by the success of the Versa, Fitbit's mainstream smartwatch. The company had introduced an even more affordable Versa Lite earlier this year, which looked promising considering its $160 price point. But the consumer electronics market can be fickle, and the Versa Lite is not selling well. 

Investors were disappointed with Fitbit's second-quarter results, sending shares to all-time lows.

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