Fitbit reports a 12per cent fall in revenue

Fitbit reports a 12per cent fall in revenue

Wearable device maker Fitbit Inc reported its first drop in revenue in five quarters on Wednesday as it faced intense competition from deeper-pocket companies such as Apple Inc and Samsung Electronics Co Ltd , underscoring challenges for buyer Alphabet Inc's Google.

FILE PHOTO: Visitors walk past an advertising billboard for Fitbit Ionic watches at the IFA Electro
FILE PHOTO: Visitors walk past an advertising billboard for Fitbit Ionic watches at the IFA Electronics Show in Berlin, Germany, September 1, 2017. REUTERS/Fabrizio Bensch

REUTERS: Wearable device maker Fitbit Inc reported its first drop in revenue in five quarters on Wednesday as it faced intense competition from deeper-pocket companies such as Apple Inc and Samsung Electronics Co Ltd , underscoring challenges for buyer Alphabet Inc's Google.

The company's net loss widened to US$51.9 million, or 20 cents per share, in the third quarter ended Sept. 28, from US$2.1 million, or 1 cent per share, a year earlier.

Revenue fell 11.7per cent to US$347.2 million.

(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)

Source: Reuters

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