Wearable fitness device maker Fitbit Inc lowered its fourth-quarter revenue estimate on Monday and said it would cut about 6 per cent of its workforce.
The company said it expects fourth-quarter revenue to be US$572 million-$580 million from its earlier estimate of US$725 million-$750 million.
Fitbit, whose shares were down 17 per cent in premarket trading, had about 1,627 employees as of Oct. 1.
More to come.
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