(Pocket-lint) - Fitbit is on a bit of a charge at the moment. At the end of 2016, the company acquired Kickstarter record setting smartwatch company Pebble while in May last year, it acquired Coin, a company with its fingers in mobile payments.

The clues were all there for Fitbit to one day add smartwatches to its repertoire, alongside its rather excellent fitness trackers. Now, Fitbit's CEO has confirmed just that in the company's prelimiary fourth quarter financial results.

James Park, Fitbit CEO and co-founder said: "We believe the evolving wearables market continues to present growth opportunities for us that we will capitalize on by investing in our core product offerings, while expanding into the smartwatch category to diversify revenue and capture share of the over $10 billion global smartwatch market". Need any more proof? Here you go.

“We believe we are uniquely positioned to succeed in delivering what consumers are looking for in a smartwatch: stylish, well-designed devices that combine the right general purpose functionality with a focus on health and fitness. With the recent acquisition of assets from Pebble, Vector Watch and Coin, we are taking action to position the company for long-term success.”

Fitbit will surely be hoping entering the smartwatch market will help its financials, as the company expects to post fourth quarter revenue of $572 - $580 million, as opposed to the predicted figure of $725 million. The company will unfortunately have to lay off around 110 employees and reassess sales and marketing expenditure in order to bring operating costs down.

Writing by Max Langridge.