Wearable device maker Fitbit Inc reported better-than expected first-quarter results on Wednesday, benefiting from higher sales of its smartwatches and wearable devices that track daily activities.

Shares of the company rose 1.5 percent to $5.45 in late trade.

Fitbit's trackers returned to year-over-year growth for the first time in three years, getting a boost from higher demand for its new 'Inspire' devices. Smartwatch sales also more than doubled in the quarter.

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Fitbit said it sold 2.9 million devices in the quarter, 36 percent higher than a year-ago. Average selling prices fell 19 percent to $91 per device as the company focussed on cheaper devices to compete with tech-heavyweights Apple Inc and Samsung .

The company's net loss narrowed to $79.5 million, or 31 cents per share, in the first quarter ended March 30, from $80.9 million, or 34 cents per share, a year earlier.
Excluding items, Fitbit reported a loss of 15 cents per share, beating analysts' average estimate of a loss of 22 cents, according to IBES data from Refinitiv.

Revenue rose to $271.9 million from $247.9 million, above Wall Street expectations of $259.7 million.