Lukewarm Ionic Reviews Knock Fitbit Down a Notch

Lukewarm Ionic Reviews Knock Fitbit Down a Notch

Share of Fitbit (NYSE: FIT) fell 5% yesterday after reviews of its forthcoming Ionic smartwatch started to hit the web. The company has a lot riding on its new device, as consumer preferences in the wearables market have quickly shifted toward full-featured smartwatches that support third-party apps. Prior to yesterday's drop, shares had risen 10% since the Ionic was announced late last month. The stock didn't even flinch when Apple (NASDAQ: AAPL) unveiled its Apple Watch Series 3 last week, which the Ionic will inevitably be compared to.

Spoiler alert: The reviews were rather lukewarm.

Image source: Fitbit.

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Source: Fool.com