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Layoffs loom at Fitbit

The fitness tech company said today it will cut 6% of its workforce in a reorganization bid as the wearables market continues to struggle. In a statement, Fitbit referred to the challenges as a “temporary slowdown and transition period.” It also warned that its fourth-quarter earnings results will be lower than what analysts had expected. The layoffs will affect about 110 employees. Read more from Bloomberg here.CZ