Thus far, Apple remains mum on how many smartwatches it has sold, but Fitbit’s CEO said today (Nov. 2) that the Apple Watch hasn’t made a dent on sales of its fitness trackers.
“We do not believe smartwatches or other competitor products have had a material impact on our business,” CEO James Park told investors in an earnings call. “We strongly continue to feel the Apple Watch and Fitbit are targeting two very different consumers.”
Park highlighted the difference between Fitbit’s range of products and price points ($60-$250) and Apple’s, which target a more high-end clientele with smartwatches that range from $349 to $17,000.
Fitbit has the largest market share in the wearables market globally and sold 4.8 million devices in the third quarter—roughly on par with the number of Apple Watches sold since its launch in May. Though Apple does not break out sales of the Apple Watch (nesting it under the “Other Products” category), a Quartz analysis suggests the company has sold between 5 million and 6 million units so far.
Fitbit reported a strong third quarter with $45.8 million in profit, or 19 cents per share, on $409.3 million in revenue. While this exceeded analysts’ expectations of 10 cents of earnings per share, the company’s shares fell 9% in after-hours trading, on news that it is planning to sell 7 million additional shares in a secondary offering.