Fitbit reports a 12% fall in revenue

(Reuters) – Wearable device maker Fitbit Inc (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 (O:) and Samsung Electronics Co Ltd (KS:), underscoring challenges for buyer Alphabet Inc’s (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.

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