Fitbit recorded a $58.2 million loss in its fiscal second quarter compared with net income of $6.3 million last year. Revenue dropped 40 percent to $353 million. Unit sales dropped by about the same proportion to 3.4 million.

The company is spinning its performance by saying it was better than it was expecting — its revenue guidance for the quarter topped out at $350 million —= and has an eye toward the future — specifically, its health-focused smartwatch, which CEO James Park promises “is on track for delivery ahead of the holiday season…” The beleaguered company has reportedly trudged through this project with high attrition from its acquired smartwatch entities. Meanwhile, Fitbit band prices have been falling, hard.

One thing’s for sure, the company’s ready to live or die against the Apple Watch in the back half of its fiscal year.

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