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The big squeeze on Fitbit

The Fitbit versa
Fitbit. Photo: Rachel Murray/Getty Images for Fitbit Loca

Fitbit is allegedly exploring the possibility of a sale that could attract Alphabet Inc., which owns Google, as it struggles to maintain a strong market presence, reports Reuters.

The big picture: Apple and Samsung continue to develop more sophisticated wearable devices that Fitbit can't compete with since it is only used to track fitness. Meanwhile, competitors are starting to emerge from China’s Huawei Technologies Co. Ltd., and Xiaomi Corp, and that's cutting into Fitbit's dominance in the fitness tracking sector, says Reuters.

Go deeper: The shortcomings of wearable health devices