Fitbit is known primarily for its fitness tracker bands, but its smartwatch business is growing. In the third quarter, the company said its smartwatch revenue grew to 49% of total revenue, up from less than 10% a year ago.
In September, the company launched a new platform called Fitbit Care. The service offers personalized coaching to help users stay on track with their fitness plans, lose weight and manage chronic diseases.
Shares of the company closed up 7 percent on Wednesday at $4.73 per share. The stock is down 17 percent this year.