Fitbit announced on Wednesday that its in the process of moving all of the company's manufacturing operations out of China amid the ongoing threat of US tariffs.
The company said it started looking for other locations to manufacture its trackers and smartwatches after the US-China trade war began in 2018.
Fitbit - Statement - Company - Details - Impact
According to Fitbit's statement, the company will provide more details on the financial impact of the transition during its third-quarter earnings call.
Shares of Fitbit tumbled as much as 3% on the news.
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Fitbit said on Wednesday that it's shifting effectively all of the company's manufacturing operations for its smartwatches and trackers out of China to avoid the impact of US tariffs. Shares of Fitbit slid as much as 3% on the news.
Response - Threat - Tariffs - Alternatives - China
"In 2018, in response to the ongoing threat of tariffs, we began exploring potential alternatives to China. As a result of these explorations, we have made changes to our supply chain and manufacturing operations and have additional changes underway," chief financial officer Ron Kisling said in a statement.
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