Deconstructing the Fitbit S-1

Beginning early last year, whispers of Fitbit’s revenues started to circulate. Testing the numbers with investors, responses were mixed — some thought the figures were outlandish, and others confirmed them as absolutely true or undersold.

This is the story of wearables, a polarizing category that has been misunderstood, underestimated, and perhaps wrongly maligned. And this narrative will shadow Fitbit’s public offering — with one journalist already calling it a “sucker IPO” and another praising the company’s “surprising profits.”

Fitbit’s S-1 provides answers to questions many of us have debated for years, and leaves a number of others completely unanswered.

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