Fitbit profit forecast trails estimates, shares drop 13%

London

WEARABLE fitness device maker Fitbit Inc's profit forecast for the current quarter fell far short of analysts' estimates, overshadowing a strong first quarter report, sending the company's shares down 13 per cent in after-hours trading.

Fitbit has been spending heavily to diversify its portfolio of colourful wristbands and clippable devices that track calories, sleeping patterns and heart rate, to better compete against rising competition as well as to tap new markets and demographies.