Fitbit sales fall 41%, but beat low projections amid fierce competition

New York

FITBIT Inc gave investors some much-needed good news, reporting revenue that beat projections and suggesting it's finally making progress in its transformation from a maker of step-counting gadgets to essential health-monitoring tools.

The hardware maker's profitability has sagged while it confronts a maturing market and falling sales. Fitbit shares have lost more than half of their value over the past year, as investors lost patience that upcoming products would resuscitate demand.