Apple Watch could soon get some new competition from Google which has reportedly made an offer to buy Fitbit.
Alphabet, Google’s parent company, is supposedly aiming to get a slice of the fitness trackers and smartwatch market after ramping up its hardware efforts in recent years. Smartwatch arena Google doesn’t compete with Apple in but buy Fitbit could give the search engine giant a big boost to catch up.
Fibit has seen its share of the wearables market start to shrink lately due to cheaper fitness trackers from Chinese companies. Apple has staked out the high-end of the market with Apple Watch and its premium features like its ECG and always-on display.
Details on the exact price Google is offering for Fitbit weren’t revealed in Reuters’ report. There’s also no certainty that a deal will be reached. Fitbit’s market cap is currently pegged around $1.4 billion. Google would likely have to pay much more than that figure though.
Fitbit’s stock price has been surging all-day once news of the possible Google deal surfaced. Shares are currently up 34%. The company is set to reveal its latest earnings report on November 6. Fitbit launched its most fully-featured competitor for Apple Watch, the Versa 2, just a few months ago.
