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Fitbit's quarterly revenue slumps 40.8 pct

May 3 Fitbit Inc reported a 40.8 percent fall in quarterly revenue on Wednesday as the wearable device maker struggles with rising competition in a rapidly maturing market.

The company posted a loss of $60.1 million, or 27 cents per share, in the first quarter ended April 1, compared with a profit of $11 million, or 5 cents per share, a year earlier.

Revenue fell to $298.9 million from $505.4 million. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)

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