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Fitbit forecasts current-quarter revenue below estimates
February 22, 2017 / 9:32 PM / 9 months ago

Fitbit forecasts current-quarter revenue below estimates

(Reuters) - Fitbit Inc forecast lower-than-expected revenue for the current quarter, underscoring the wearable device maker’s struggles with waning demand for its fitness tracking bands in a maturing market.

The ticker symbol for Fitbit is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) February 23, 2016. REUTERS/Brendan McDermid

The company said it expects revenue of between $270 million to $290 million for the first quarter.

Analysts on average were expecting revenue of $307.5 million, according to Thomson Reuters I/B/E/S.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Sriraj Kalluvila

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