Fitbit reports a 12% fall in revenue
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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
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(Reuters) - Wearable device maker Fitbit Inc (NYSE: FIT) reported its first drop in revenue in five quarters on Wednesday as it faced intense competition from deeper-pocket companies such as Apple Inc (NASDAQ: AAPL) and Samsung Electronics Co Ltd <005930.KS>, underscoring challenges for buyer Alphabet Inc's (NASDAQ: GOOGL) 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.
(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)
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