Fitbit, leading maker of wearable health-tracking devices, has forecast revenue and profit in its current quarter that fall short of analysts’ estimates.
Sales in the first quarter will be in the range US$420-440 million, Fitbit said. That compared with the average analyst projection of $485 million, according to Bloomberg.
Fitbit has been the leading seller of wearable fitness trackers, but investors are concerned that competition from Apple, Samsung and Xiaomi may blunt the company’s growth. Fitbit’s market share fell to 22 percent in the third quarter of 2015, down from 33pc a year earlier, according to IDC.
Fitbit shares declined 14 percent to $14.23 in extended trading in New York
