It's been a rocky road for Fitbit (NYSE: FIT) stock since the wearables leader announced weaker-than-expected quarterly earnings on Nov. 2, and made a disappointing forecast for the current quarter. Its share price is down 39% over the past couple of months.
So Fitbit shareholders could use some good news, and they received some recently when UnitedHealthcare, a wholly owned subsidiary of UnitedHealth Group (NYSE: UNH), announced that its Motion wellness program now includes incentives for participants to use Fitbit's new-ish device, the Charge 2.
UnitedHealthcare has partnered with Qualcomm (NASDAQ: QCOM) Life to work in tandem with Fitbit to track fitness milestones in the cloud. Motion program participants can earn $4 in healthcare credits daily, up to $1,500 annually, by attaining program goals. The objectives include walking at least six times daily an hour apart; 3,000 steps in 30 minutes; and a total of 10,000 steps daily.
Beginning early this year, Fitbit Charge 2 owners taking part in the Motion program will be able to download an app that connects to Qualcomm's 2net cloud-based platform.
"We have taken another big digital-health step forward by collaborating with UnitedHealthcare and Qualcomm Life to enable people to fulfill their fitness goals and be rewarded for living a healthier lifestyle," said Fitbit co-founder and CEO James Park.
If Fitbit is able to secure additional commercial partnerships as it did last quarter, the negative momentum it has been experiencing of late could finally reverse itself.
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