Fitbit’s revenue hurt by weak demands, reports 15.3 percent fall in Q2 2018

Fitbit’s revenue hurt by weak demands, reports 15.3 percent fall in Q2 2018

Wearable device maker Fitbit has reported a decline in revenue by 15.3 percent in the second quarter of the year. The company attributes the downward graph to weak demand for some of its fitness tracking devices.

Fitbit’s net loss widened to $118.3 million in Q2 2018 from $58.2 million in Q2 2017. Company’s revenue fell to $299.3 million from $353.3 million.

Fitbit Versa metal accessories.

Fitbit Versa metal accessories.

The market, however, was lead by Apple Watch, which apparently had a record-breaking June quarter with revenue growth in the mid 40 percent range. In the second quarter of 2018, Apple reportedly shipped 3.5 million smartwatches, to maintain its lead in the market. A total of 10 million smartwatches were shipped in this period.

Compared to the revenues from Apple Watch in Q2 2017, the wearable’s sales are up by 30 percent.

According to a Canalys report, Apple Watch’s shipment to Asia (excluding China) exceeded 2,50,000 units, with 60 percent of those being the LTE variant. Per the report, the Apple Watch Series 3 cellular variant has been the best shipping smartwatch in Asia in Q2 2018.

And overall, as per Apple’s latest quarterly report, the company made a revenue of $3.74 billion from its non-iPhone products like AirPods, Apple TV, Apple Watch, iPod touch, HomePod, Beats products, and Apple-branded and third-party accessories.

With inputs from Reuters

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