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Fitbit's smartwatch will be ready for the holidays

It will be water-proof up to 50m, have a multi-day battery life, and deliver the best health and fitness experience.

Fitbit's smartwatch will be ready for the holidays

During its second-quarter earnings report, Fitbit said that its long-awaited smartwatch will be available by this holiday season.

The company's CEO James Park said the device will offer "best health and fitness tracking features," will have an integrated GPS, and will be water resistant up to 50 meters. Also, the smartwatch will work across platforms while providing a "multi-day battery life."

In the meantime, Fitbit expects that the vast majority of revenue in the third quarter will be "related to legacy products," according to the company's CFO Bill Zerella.

The company went on to add how it's "uniquely positioned" for success in this market, and is ready to compete head-to-head with Apple and other smartwatch makers.

Fitbit ended the second quarter with revenues of $353.3 million, which beat the analyst expectations that forecasted revenue of $341.6 million. During the period however, the US revenue contracted 55 percent to $199 million year over year, and revenue from the Americas excluding the US contracted 11 percent to $24 million. Its unit sales were down significantly year-over-year as well. Last year in the second quarter, Fitbit sold 5.7 million activity trackers; this year: 3.4 million devices.

The situation is different in the Asia-Pacific region where Fitbit saw its revenue growing 21 percent from a year ago to $21 million. Additionally, its average selling price increased two percent from a year ago, while operating costs have been reduced by seven percent.

Fitbit has sold 67 million Fitbits total to date. The Charge 2 is the company's most popular wearable right now.

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