UPDATE 2-Fitbit cuts 2019 revenue view, Versa Lite sales lag; shares tank [Reuters (UK)]
FITBIT INC (FIT)
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Source: Reuters
Fitbit cuts 2019 revenue view, Versa Lite sales lag; shares tank - Reuters 3 Min Read (Reuters) - Wearable device maker Fitbit Inc ( FIT.N ) cut its 2019 revenue forecast on Wednesday, blaming disappointing sales of its newly launched cheapest smartwatch Versa Lite, sending its shares tumbling as much as 16% to a record low. Fitbit in March launched Versa Lite, priced at $160, compared with $200 for the full version. The watch, which can track workouts and heart rate, lacked some features such as the ability to store music directly. The company had moved into the smartwatch market to cushion the hit from slowing growth of its popular colorful fitness trackers, but has faced tough competition from deeper-pocket companies such as Apple Inc ( AAPL.O ) and Samsung Electronics ( 005930.KS ). Smartwatch revenue decreased 27% year-over-year in the second quarter, the company said. Fitbit lowered its 2019 revenue forecast to between $1.43 billion and $1.48 billion, compared with its pri
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