Fitbit reports a 12% fall in revenue By Reuters

China's Alibaba to break up empire into six units as Jack Ma returns home

Fitbit reports a 12% fall in revenue

Stock Markets Nov 06, 2019 04:25PM ET

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(Reuters) - Wearable device maker Fitbit Inc (N: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 (O:AAPL) and Samsung Electronics Co Ltd (KS:005930), underscoring challenges for buyer Alphabet Inc's (O: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.

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Fitbit reports a 12% fall in revenue

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