Nick Statt, reporting for CNet:
Nike is gearing up to shutter its wearable-hardware efforts, and the sportswear company this week fired the majority of the team responsible for the development of its FuelBand fitness tracker, a person familiar with the matter told CNET.
There’s increasing competition in the market for wrist-worn fitness trackers, and Nike’s digital app ecosystem, Nike+, has grown less reliant on wearables as smartphone sensors have improved. In other words, it makes less and less sense for Nike to stay in the hardware race when its physical wearables are not bottom-line needle movers, especially as companies like Apple and Google prepare to join the fray.
Interesting move, especially considering that Tim Cook sits on the Nike board.