Today is Apple’s big day. The company just unveiled a slew of new products to a packed audience of hungry tech enthusiasts. Though this is undoubtedly positive for the technology juggernaut, it’s bad news for others.
Live on stage, the company unveiled the new Apple Watch Series 4. It has a bigger screen, and new health-related features–including sensors that enable an electrocardiogram (ECG), as well as the ability to sense when a person is falling (watch out Life Alert!). These improved features are already spelling bad news for other wearable companies.
For example, Fitbit’s stock is currently in free fall. The price is already down over 5% after news about the updated Apple Watch hit. Investors don’t appear too thrilled with Apple upping the wearable competition.
The event isn’t over yet, so it’s possible there will be other collateral damage. We’ll have to wait and see if Fitbit is able to recover.