The wearable make said launches planned for this year were on track, sending the company's shares up 7.2 percent.

The outfit struggled with a dull holiday quarter and production issues that weighed on sales. It also has the problem that the Tame Apple Press is waiting for it to fail because it is the main competition for the iWatch so it is never going to get any good publicity.

Chief Executive Officer James Park said further moves onto Apple’s turf will be a money spinner.

The company's smartwatch, codenamed "Higgs" will be able to make touchless payments, and the ability to store and play music from Pandora, according to media reports.

Fitbit, which has called 2017 "a transition year", also garnered success with its Alta HR, a recently launched wristband that checks the heart rate and tracks sleep.

Alta HR accounted for under 20 percent of the company's total revenue in the first quarter ended April 1.

Fitbit's revenue fell about 41 percent to $298.9 million in the latest quarter. Analysts on average had estimated revenue of $280.8 million. The company said in February that it expected first-quarter revenue of between $270 million and $290 million. The company blamed the decline in revenue to a shift among consumers toward higher featured devices and smartwatches.

Fitbit also said the US channel inventory levels declined 30 percent during the quarter and added that inventory levels are moving in the right direction.

The company posted a net loss of $60.1 million compared with a profit of $11 million a year earlier. Excluding items, the company posted a loss of 15 cents per share, smaller than analysts' average estimate of an 18 cents loss.