Fitbit to cut down its workforce and miss earnings guidance amid slowdown in wearables market

Fitbit announces job cuts

Fitbit will cut between 5 to 10 percent of its workforce and disclose lower-than-expected fourth-quarter results in an announcement on Monday, according to a report from technology news site The Information.

The job cuts are expected to affect between 80 and 160 people across multiple departments, The Information said.

Monday's results will mark the second consecutive quarter in which Fitbit missed its earnings guidance as a result of a slowdown in the wearables market.

A Fitbit spokeswoman declined to comment when contacted by CNBC.

Read the full report here.

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