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FitBit Up After Company Dominates App Store For Christmas

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Fitbit Inc (NYSE: FIT) shares were up 3 percent after it dominated Apple Inc. (NASDAQ: AAPL) app store with having strong Christmas sales.

Fitbit's iOS app ranked high at No. 2 in Apple's free apps category in the Apple iTunes store on Monday, coming in second to YouTube. The fitness-tracking device maker was No. 1 on the same list Christmas Day.

Fitbit managed to prove itself as a market leader this holiday season, amongst increased competition with other fitness trackers such as the Apple Watch. The company currently holds 22 percent in the fitness tracking market.

Of all the apps that all the new iPhone and iPad users could be installing on Christmas, Fitbit was the one they used the most.

Fitbit leveraged its popular Fitbit Charge as well as its Fitbit Surge models to maintain its leadership position in the worldwide wearables market. According to a December report by IDC Worldwide, Fitbit also saw continued growth within the Asia/Pacific and Europe, Middle East, and Africa (EMEA) markets.

"Equally noteworthy has been its fast-growing Corporate Wellness strategy during the quarter, which added North American retailer Target Corporation (NYSE: TGT) and its order of 335,000 fitness trackers for its employees. Target joins Bank of America Corp (NYSE: BAC), Time Warner Inc (NYSE: TWX), and more than 70 other Fortune 500 companies to deploy Fitbit devices to its employees," the report highlighted.

 

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