Fitbit cutting 6% of workforce

New York

FITBIT Inc will eliminate about 110 jobs, or 6 per cent of its workforce, and said fourth-quarter results won't meet analysts' estimates amid declining demand for its fitness trackers.

Fitbit expects to report that it sold 6.5 million devices for the quarter ended Dec 31 2016, with revenue of US$572 million to US$580 million, the company said on Monday. Analysts were expecting US$736.4 million, on average. Fitbit forecasts revenue for 2017 of US$1.5 billion to US$1.7 billion. Analysts had estimated US$2.38 billion. Official results are due to be released on Feb 22.