Fitbit reports a 12% fall in revenue

This post was originally published on this site

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

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

Revenue fell 11.7% to $347.2 million.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.