Fitbit Inc reported revenue that beat analysts\u2019 estimates in its first quarterly results since Google announced its planned acquisition of the wearable technology company.<\/p>\n
Third-quarter sales were $347 million, the San Francisco-based company said Wednesday in a statement. That was a decline of 12% from the period a year earlier, but ahead of analysts\u2019 projections of $345.1 million.<\/p>\n
The shares slipped less than 1% in extended trading after closing at $7.03 earlier on Wednesday.<\/p>\n
Earlier this month, Fitbit agreed to be acquired by Alphabet Inc’s Google in a deal that could help shore up the internet giant\u2019s consumer-hardware business while also increasing antitrust scrutiny. The companies expect the $2.1 billion transaction to close sometime in 2020.<\/p>\n
\u201cWe continued to make good progress shifting our business toward the faster growing smartwatch category with the introduction of Versa 2, expanding Fitbit Health Solutions, and deepening our relationship with consumers,\u201d James Park, chief executive officer of Fitbit, said in the statement.<\/p>\n
\u201cThe continued success of the Fitbit brand is built on the trust of our users, and our commitment to strong user privacy and security will not change,\u201d he added.<\/p>\n
\u201cI\u2019m excited about the combination of Fitbit and Google and look forward to closing the transaction.\u201d<\/p>\n