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Fitbit beats market expectations but is winded by fresh share sale

Its share price falls 10% despite Q3 EPS far exceeding analysts' forecast of 10 US cents

Fitbit chief financial officer William Zerella says that retailers expect "very strong" holiday demand for fitness trackers. "Our penetration rates are still very low even in the US."

New York

WEARABLE fitness device maker Fitbit Inc has secured agreement to lift lock-up restrictions on over two million shares more than a month earlier than scheduled and announced an offering of 21 million shares.

The news sent the company's shares down 10 per cent in extended