Fitbit was expected to launch a new flagship device back in January at CES 2016 that would be an "Apple Watch killer." Instead, the company unveiled the $200 Fitbit Blaze, a smart fitness watch that would occupy the space between the company's Charge HR and Surge devices.
Almost immediately after the annual event in Las Vegas, the stock price of Fitbit plunged by 18 percent, reaching as low as $13 per share compared to almost $30 per share before the Blaze was announced and the highest point of over $50 per share last summer.
The company followed up its announcement of the Blaze with the Alta, a fashionable device that adds an OLED display to the traditional fitness tracker.
Fitbit has now revealed that, over the first month of availability of these two devices, both the Blaze and Alta have sold over a million units.
With Fitbit selling over two million units of the new devices despite the criticism that it initially received after launching them, this proves that the company is still a very influential one in the burgeoning activity tracker industry.
"The positive response we've received to Blaze and Alta demonstrates our continued ability to innovate and drive strong demand for Fitbit products, which is what has made and kept us the leader in the global wearables category," said Fitbit chief business officer Woody Scal.
According to an IDC estimate, more than 78 million wearable devices, including fitness trackers and smartwatches, were sold last year. Fitbit was the top seller in the industry, with 21 million devices sold in 2015.
Fitbit's stock has been on the rebound, closing at $15.15 per share on March 31.
What's next for Fitbit? According to Seeking Alpha's Dana Blankenhorn, with Fitbit's stock bouncing back but not likely to get back to its highest point, Fitbit could be a prime acquisition target for a bigger company.
Blankenhorn believes that Under Armour would be the logical buyer for Fitbit, if such an acquisition would take place, though Nike could also be considered a prospective buyer.