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Fitbit Shares Plunge on Report of Reorganization

Fitbit shares are sinking on reports of layoffs and a reorganization at the company.

Fitbit (FIT) - Get Free Report  shares are tanking Monday on a report that the company will cut 5% to 10% of its workforce and report lower-than-expected results in the fourth quarter.  

The layoffs would amount to 80 to 160 of Fitbit's 1,600 employees.

The planned actions were reported by The Information, which said the job cuts are part of a reorganization.

Fitbit shares have plunged almost 60% in the past 12 months amid concerns of slowing demand for wearables.  Fitbit also missed its earnings guidance last quarter.