Fitbit reports a 12% fall in revenue

(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 $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

Reuters November 07, 2019 04:06:24 IST
Fitbit reports a 12% fall in revenue

Fitbit reports a 12 fall in revenue

(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 <005930.KS>, 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.

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

This story has not been edited by Firstpost staff and is generated by auto-feed.

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