In the wake of a disappointing fourth quarter, Fitbit plans to cut approximately 110 employees, or 6 percent of its overall workforce, CNET reports.
The wearable company's 2016 Q4 revenue fell below expectations. Although the company anticipated revenue of $750 million, Fitbit estimates its Q4 revenue was between $572 million and $580 million.
"Fourth quarter results are expected to be below our prior guidance range," Fitbit CEO James Park said in a statement. "However, we are confident this performance is not reflective of the value of our brand, market-leading platform and company's long-term potential."
The company's 2016 end of year report will go live in February.