The once high-flying wearables brand reported a net loss of $58,240,000 against income of $6,341,000 for the three months ended Jul. 1 as sales plummeted 40% to $353,299,000 from $586,528,000 as the domestic market for consumers who want a fitness tracker and don’t already have one continues to shrink. U.S. revenue was down 55% to $199 million, partially offset by EMEA revenue up 9% to $109 million and APAC revenue up 46% to $21 million.

FIT pronounced itself pleased with the results as it reduced channel inventory, improved gross margin and ASPs ... Log in to view full article.