The highly touted Apple Reveal Event brought a number of expected announcements, including three new versions of the iPhone X: the XS, XS Max and Xr models. However, perhaps the most significant announcement came with the reveal of Apple’s newest smartwatch, the Apple Watch Series 4.
The new watch, which is slated for release on September 21 with a starting price of $399, can now detect an irregular heartbeat, low heart rate and take an electrocardiogram via its FDA-cleared software. While the Apple Watch has always included a heartbeat monitor, the new ECG technology brings the smartwatch to a new level of competitive advantage.
As a result, shares of Fitbit (FIT), a competing wearable health and fitness device, fell sharply as investors show their concern over the potential impact of the Series 4 on the company’s market share. Now, the stock is down nearly 7% in late trading on Wednesday.
Given that Apple has never broken out the Watch’s unit sales, it seems evident that the product line has been an underperformer compared to the company’s other products. This just might change with the release of the Series 4.