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BREAKING:

HONDA TO SET UP $15B EV PRODUCTION BASE IN CANADA

Automaker to get up to $5B in government assistance for EV battery, assembly plants

Fitbit reports a 12% fall in revenue

Reuters
A Fitbit devices are displayed in a store in New York

(Reuters) - Wearable device maker Fitbit Inc <FIT.N> reported its first drop in revenue in five quarters on Wednesday as it faced intense competition from deeper-pocket companies such as Apple Inc <AAPL.O> and Samsung Electronics Co Ltd <005930.KS>, underscoring challenges for buyer Alphabet Inc's <GOOGL.O> Google.

The company's net loss widened to $51.9 million (£40.38 million), or 20 cents per share, in the third quarter ended Sept. 28, from $2.1 million, or 1 cent per share, a year earlier.

Revenue fell 11.7% to $347.2 million.

(Reporting by Amal S in Bengaluru; Editing by Sriraj Kalluvila)