Aside from Apple and maybe a few luxury brands, the smart wearable device market has been brutal for the past year. Pebble and Jawbone along with some even smaller players are long gone while Fitbit struggled with plunging sales. Now fitness-oriented TomTom is getting out.
The company said it was refocusing on navigation technologies, such as its popular GPS map displays, and the business market. But the consumer sports segment, like its Spark line of fitness tracking watches, would be scaled back and 136 jobs cut.
The announcement was not a surprise. CEO Harold Goddijn said back in July that wearables sales had “fallen short of expectations” and the company was reviewing strategic options for the business. “We can’t carry on as we are going at the moment,” Goddijn said on a call with analysts. Even before the admissions, TomTom’s marketing leader for wearables and a number of other executives in the unit had departed.
Read more at Fortune.