Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) subsidiary Google confirmed that it will be bringing out the Pixel Watch wearable this fall alongside its Pixel 7 smartphone.
What Happened: The first-ever Google Pixel Watch was announced by the tech giant at its Google I/O event on Wednesday.
The Sundar Pichai-led company said on Twitter that its Pixel Watch was “made inside and out” by it.
“Built on Wear OS, it features the best of Google, plus Fitbit health and fitness experiences.”
Say hello to Google Pixel Watch, the first watch made inside and out by Google. Built on Wear OS, it features the best of Google, plus Fitbit health and fitness experiences — all on your wrist. Coming this fall #GoogleIO pic.twitter.com/GQmfWKAgSY
— Google (@Google) May 11, 2022
Rick Osterloh, Google’s senior vice president of devices and services, said the watch comes with a “bold circular design” and a “tactile crown.”
The watch is made out of recycled stainless steel with customizable bands, according to Osterloh.
The watch features an “improved” WearOS user interface with more “fluid navigations” and “smart notifications,” said Osterloh at the event, according to a video shared by The Verge in a tweet.
Google announces the Pixel Watch at I/O: https://t.co/U13qaJvnFq pic.twitter.com/2H7TYiFJlh
— The Verge (@verge) May 11, 2022
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Why It Matters: Google announced the acquisition of Fitbit in 2019 for $2.1 billion. The purchase at the time was thought to be an invasion of Apple Inc’s (NASDAQ:AAPL) wearables territory.
The Apple Watch remains the dominant wearable in the global smartwatch market. In 2021, Apple dominated the smartwatch segment with a 30.1% share, according to data from Counterpoint Research.
The runner’s up Samsung was a distant second at 10.2%. The segment itself has grown 24% year-over-year, according to Counterpoint.
Apple’s share of the market declined in 2021 compared with 2020 by 2.8% as it faces increased competition, but the Tim Cook-led company still swooped up half of the total market revenue.
The addition of apps like Google Home and Fitbit could make Google’s Pixel Watch a compelling alternative to the Apple Watch but more details such as price are still awaited.
Price Action: On Wednesday, Alphabet Class A shares closed 0.7% lower at $2,272.05 in the regular session and gained 0.2% in the after-hours trading. On the same day, the company’s Class C shares fell 0.5% to $2,279.22 in the regular trading and gained 0.25% in the after-hours session, according to data from Benzinga Pro.
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