Fitbit announced Monday that it will be conducting a "reduction in force, that will impact approximately 110 employees." That's about 6 percent of the company's workforce.
The decision comes after a disappointing fourth quarter for the wearables giant. Fitbit's 2016 Q4 revenue expectations were as high as $750 million, but it now estimates an earned range between $572 million and $580 million.
In December Fitbit, as from the simple fitness trackers Fitbit is famous for to more complicated smartwatches such as the .
CEO James Park said the missed goals are not necessarily indicative of a larger weakness in the company. "Fourth quarter results are expected to be below our prior guidance range," he said in a statement. "However, we are confident this performance is not reflective of the value of our brand, market-leading platform, and company's long-term potential."
According to Park, despite lower-than-expected performance during the holiday season -- and particularly on Black Friday -- Fitbit saw large growth in Europe, the Middle East and Africa, where revenue grew by 58 percent in the quarter.
Fitbit's 2016 year-end report will be released in February.
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