In Q4-2023, Zepp ranked sixth in the global smartwatch market based on unit sales, trailing behind Apple (NASDAQ: AAPL), Garmin (NYSE: GRMN), Samsung (KOSE: A005930), Huawei, and Fitbit (Google/NASDAQ: GOOGL)

In 2023, revenue was down 40% YoY, narrowly missing our estimate by 0.5%. Although EPS improved YoY, it fell short of our estimate by 19%.