Fitbit sinks to $113 million loss in third quarter

(Reuters) - Wearable device maker Fitbit Inc reported a loss in the third quarter compared to a profit a year earlier, hit by declining demand and growing competition for its fitness wrist bands.

The company reported a net loss of $113.4 million, or 48 cents per share, in the third-quarter ended Sept. 30, from $26.1 million, or 11 cents per share, a year earlier.

Revenue fell to $392.5 million from $503.8 million.