Fitbit estimates lower fourth-quarter revenue, cuts jobs

Fitbit estimates lower fourth-quarter revenue, cuts jobs

Wearable fitness device maker Fitbit Inc estimated fourth-quarter revenue below its own forecast and said it would cut about 6 percent of its workforce after a weaker-than-expected holiday quarter.

Fitbit's shares fell nearly 14 percent to $6.20 in early trading on Monday.

The company said it now expects fourth-quarter revenue between $572 million and $580 million from its previous forecast of $725 million-$750 million.

Fitbit also...

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