Tracking devices and smartwatches made by Silicon Valley firm Fitbit are falling out of fashion as more people use their phone to track workouts instead.
Shares in the fitness tracking firm dived 4.9 per cent yesterday as it admitted its new £300 Ionic smartwatch was proving less popular than expected.
Sales of the devices, popular with fitness enthusiasts a few years ago, slipped 31 per cent last year with 15.3m products sold compared to 22.3m in 2016.
Revenues tumbled 25 per cent to £1.2billion last year as it continued to rack up losses which amounted to £199.4million, up from £73.95million a year earlier.
Fitbit’s shares have plummeted to all-time lows after hitting highs of $47.60 in 2015.
Independent technology firms have been struggling to stay relevant of late as Silicon Valley behemoths such as Amazon and Apple race to release the next game-changing product.