Fitbit reports a 12% fall in revenue
today Nov 7, 2019
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 $51.9 million (£40.38 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.
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