Fitbit results beat expectations as demand for wearable devices climb

Wearable device maker Fitbit Inc reported better-than expected first-quarter results and reaffirmed its full-year revenue forecast on Wednesday, as it sells more smartwatches and wearable devices that track health at affordable prices. Shares of the company rose 1.5% to $5.45 in late trade.

Fitbit, which helped pioneer the wearable devices craze, posted year-over-year trackers growth for the first time in three years, getting a boost from its new Inspire line. Smartwatch sales also more than doubled in the quarter.

The San Francisco-based company said new devices launched in the past 12 months, including the Inspire brand, made up 67% of revenue in the quarter.