Fitbit reports a 12% fall in revenue

Wearable device maker Fitbit Inc reported its first drop in revenue in five quarters on Wednesday as it faced intense competition from deeper-pocket companies such as Apple Inc and Samsung Electronics Co Ltd, underscoring challenges for buyer Alphabet Inc's Google.

The company's net loss widened to $51.9 million (£40.38 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.