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Fitbit forecasts current-quarter revenue below estimates

The ticker symbol for Fitbit is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) February 23, 2016. REUTERS/Brendan McDermid

(Reuters) - Fitbit Inc forecast lower-than-expected revenue for the current quarter, underscoring the wearable device maker's struggles with waning demand for its fitness tracking bands in a maturing market.

The company said it expects revenue of between $270 million to $290 million for the first quarter.

Analysts on average were expecting revenue of $307.5 million, according to Thomson Reuters I/B/E/S.

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Sriraj Kalluvila)