Fitbit holiday sales forecast falls short, stock tanks 30%

(Reuters) – Wearable fitness device maker Fitbit Inc’s revenue forecast for the key-holiday shopping quarter fell well short of analysts estimates, hurt by stiff competition from rival device makers.
Shares of the company, which also reported lower-than-expected quarterly revenue, plummeted more than 30 percent in extended trading on Wednesday.
Fitbit forecast revenue of $725 million to $750 million for the key holiday-shopping quarter, well below analysts’ estimates of $985.1