Fitbit (FIT) - Get Report shares were rising Wednesday after the company announced the debut of four new products that the wearables maker hopes will help it garner market share as its stock price rallies in 2019.
The company unveiled the Fitbit Versa Lite, a smartwatch that retails for about $160, or $40 less than its flagship Versa product. The company also announced that it will replace existing fitness trackers with the Fitbit Inspire and Fitbit Inspire HR, which cost about $70 and $100, respectively.
"With our newest products, we're delivering high-quality, easy-to-use wearables that are more affordable, so getting healthy can be accessible to people of all ages and activity levels - even those who have never tried a wearable," said CEO James Park.
Using IDC research data, the company expects the market for wearables will reach 189 million units by 2022, up from the 125 million units that were shipped in 2018.
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"Bringing more users to the wearables category and growing our community of active users is a critical part of our strategy. We will continue to build on the Fitbit platform to provide a more personalized and valuable experience for our users through a paid premium service expected to launch later this year," Park said.
Fitbit shares were up 2.7% on Wednesday. Year to date, the stock has risen more than 20%.