November 6, 2019 / 9:23 PM / 16 days ago

Fitbit reports a 12% fall in revenue

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 (FIT.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 (AAPL.O) and Samsung Electronics Co Ltd (005930.KS), underscoring challenges for buyer Alphabet Inc’s (GOOGL.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.

Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila

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