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Fitbit Beats Revenue Forecast

Wearable device maker Fitbit has posted quarterly revenue that’s down 41 percent to $298.9 million – but still higher than US analysts’ average estimated revenue of $280.8 million. The company posted a net loss of $60.1 million, compared with a profit of $11 million year ago.

However it seems that investors are still betting on Fitbit’s latest model launches to bolster sales, after the company struggled with a lacklustre holiday quarter and production issues that weighed on sales.

The company’s new smartwatch, codenamed “Higgs” will be able to make touchless payments, the ability to store and play music from Pandora, according to media reports.

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