Fitbit Inc (FIT) reported lower 2Q16 results, hurt by higher expenses. $FIT said net income declined 64.4% to $6.3MM, or $0.03 per share from $17.7MM, or $0.07 per share in the year ago quarter. Revenue rose 46.47% to $586.5MM. During the quarter, United States, its largest revenue contributing geography comprising 70% of total revenue, grew revenue 42.38% YoverY to $445.19MM
$FIT said it sold 5.7MM connected health and fitness devices in 2Q16, up 26.6% from the same quarter a year ago. New products, Fitbit Blaze and Alta, including related accessories, comprised 54% of the quarter's revenue. The company also said that its R&D headcount grew to 863 in 2Q16, comprising 59% of the company's headcount.
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