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Fitbit Meets Revenue Goals But Profits Can’t Keep Up

August 2, 2016, 8:23 PM UTC
Photograph by Bloomberg

Wearable device maker Fitbit (FIT) reported a 10.5% 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 three cents per share, in the second quarter ended July 2, from $7.1 million, or seven cents per share, a year earlier.

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However, revenue rose 46.5% to $586.5 million.