Fitbit Profit Underperforms

Earnings Reuters

Wearable device maker Fitbit Inc reported a 10.5 percent fall in quarterly profit as the company continues to invest heavily amid rising competition.

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The company's net income attributable to shareholders fell to $6.3 million, or 3 cents per share, in the second quarter ended July 2, from $7.1 million, or 7 cents per share, a year earlier.

However, revenue rose 46.5 percent to $586.5 million. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)