That growth wasn't surprising: Fitness trackers and smartwatches are becoming increasingly common. But the growth of Xiaomi (NASDAQOTH: XIACF) -- which claimed the top spot with a 21.5% share -- likely stunned some investors. Xiaomi tied Fitbit(NYSE: FIT) for first place a year ago, with each company controlling 13.7% of the market, while Apple(NASDAQ: AAPL) ranked second with a 10.3% share. However, Fitbit's share dropped to 10.9% during the third quarter, putting the former market leader in third place, while Apple remained in second with a 13.1% share. The low price tag of the Mi Band 3 (at about $30) made it a top choice for budget users and emerging markets.Meanwhile, Fitbit's shipments slipped 3% to 3.5 million units as stronger sales of the Versa, Charge 3, and Ace only partly offset softer demand for its traditional fitness trackers. Fitbit's revenue growth slowed to a crawl over the past two years as sales of its lower-end fitness trackers decelerated and rivals like Xiaomi, Apple, and Huawei entered the market.
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May 22, 2019