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GoPro and Fitbit's success might ironically lead to a not-so-cheery holiday season

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After similarly disastrous quarterly earnings releases, all GoPro and Fitbit want for Christmas is a very good holiday sales season.

Both companies on Thursday revealed bleak earnings and equally grim holiday sales outlooks, which caused both stocks to plummet.

What is this madness, you ask? Well, GoPro and Fitbit tapped into a consumer travel and fitness fad that attracted plenty other companies to try their luck -- and unfortunately for them, customers are biting.

Neither device is selling as much as it used to. So, have the two brands have peaked?

While people made light of GoPro's grief, it's CEO tried to reassure investors.

But not everyone is buying it. Some have gone as far to say at least one of the brands is done.

Competition from all sides


The wearables market is chock full of players trying to get a piece of the pie -- Snap Inc, Apple, Amazon, Xiaomi, etc.

GoPro's cameras and Fitbit's trackers might be solid pieces of hardware, but with more competitors jumping into the race, grabbing consumer dollars is increasingly difficult.

What's more, as consumer tastes shift and fads pass, it's crucial for companies to innovate and diversify, to cast a wider net. That's a challenge for both companies.

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