Shares of Fitbit Inc (NYSE:FIT) ended Monday session in green amid volatile trading. The shares closed up +0.36 points or 2.26% at $16.31 with 11.92 million shares getting traded. Post opening the session at $16.09, the shares hit an intraday low of $16.09 and an intraday high of $16.76 and the price vacillated in this range throughout the day. The company has a market cap of $3.61 billion and the numbers of outstanding shares have been calculated to be 222.15 million shares.
Fitbit Inc (FIT) on August 31, 2016 announced the opening of its Europe, Middle East and Africa (EMEA) headquarters in Dublin, Ireland and appointed a new Managing Director, Des Power. Ireland’s reputation for being a centre of innovation and providing top technology talent were important factors for Fitbit and will enable the company to further expand in the region as part of its global growth strategy.
The new Dublin office will serve as Fitbit’s EMEA headquarters and will house the strategic business functions for the region, including senior management roles, sales, marketing, operations, finance and customer support staff, which will provide targeted support to the millions of Fitbit users across the region. The company hopes to grow to approximately 50 people by the end of the year and has room for up to 100 by the end of 2017. With 150% year-over-year revenue growth in the European region in Q2 2016 compared to Q2 2015 and the ability to support five European languages across the Fitbit platform, the company’s new Dublin office comes at an ideal time to support Fitbit’s rapid growth and expansion while taking advantage of the highly skilled labour market in Dublin.
Shares of ON Semiconductor Corp (NASDAQ:ON) ended Monday session in green amid volatile trading. The shares closed up +0.21 points or 1.86% at $11.52 with 10.95 million shares getting traded. Post opening the session at $11.41, the shares hit an intraday low of $11.31 and an intraday high of $11.73 and the price vacillated in this range throughout the day. The company has a market cap of $5.02 billion and the numbers of outstanding shares have been calculated to be 415.55 million shares.
On September 19, 2016 ON Semiconductor Corporation (Nasdaq: ON) (“ON Semiconductor”) and Fairchild Semiconductor International, Inc. (Nasdaq: FCS) (“Fairchild”) jointly announced that ON Semiconductor has successfully completed its previously announced $2.4 billion cash acquisition of Fairchild.
“The acquisition of Fairchild is a transformative step in our quest to become the premier supplier of power management and analog semiconductor solutions for a wide range of applications and end-markets,” said Keith Jackson, president and CEO of ON Semiconductor. “Fairchild provides us a platform to aggressively expand our profitability in a highly fragmented industry. With the addition of Fairchild, our industry leading cost structure has further improved in a significant manner and we are now well positioned to generate substantial shareholder value as we integrate operations of the two companies.”