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Fitbit tops revenue estimates, expects smartwatch for holiday season

(Reuters) - Wearable device maker Fitbit Inc reported a smaller-than-expected drop in quarterly revenue on Wednesday, and said it was on track to launch its much-awaited smartwatch for the holiday season.

Shares of Fitbit - which sells colorful wristbands that monitor heartrate, tracks sleeping patterns, steps count and calories - were up 4.7 percent at $5.31 in extended trading.

Once the market leader in wearables, Fitbit has recently struggled with fierce competition from companies such as Apple Inc and China's Xiaomi Inc.

The company has blamed a shift among consumers toward...