Fitbit spikes after announcing it's teaming up with Google on health data
- Fitbit is up more than 6% announcing a partnership with Google.
- The two companies will partner to locate patterns in health data.
- Watch Fitbit trade in real time here.
Fitbit shares are up more than 6% Monday morning after the company announced it will partner with Google to locate patterns in health data with better accuracy.
Fitbit will utilize Google's artificial intelligence and cloud healthcare API in order to connect user data with electronic medical records. "Combining Fitbit data with EMRs can provide patients and clinicians a more comprehensive view of the patient profile, leading to more personalized care," Fitbit said in a press release. This is part of the company's strategy to shift its reliance on device sales for revenue, to one that relies on a more constant stream of revenue.
Wall Street expects Fitbit to lose an adjusted $0.20 a share on revenue of $247.6 million when the company announces its first-quarter results on Wednesday.
Fitbit shares are up almost 2% this year, including Monday's gains.
