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Why Garmin's Shares Are Hitting Record Highs As Rival Fitbit Sinks From View
One year ago | By Fortune
At almost the same time two weeks ago, wearables pioneer Fitbit was hoovered up by Google for a small fraction of its market value a few years ago, while rival Garmin reported record third-quarter sales that sent its stock price to a 12-year high.
Both companies once dominated their original niches-Fitbit and fitness trackers; Garmin and GPS trackers. And both had taken a direct hit from Apple .
The Apple Watch, introduced in 2015, stole much of Fitbit's early momentum. Meanwhile, the iPhone's mapping apps slowly killed Garmin's in-car GPS market.
Fitbit tried to compete head-on with...
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