Fitbit Inc. (NYSE: FIT) beat analysts’ forecasts on revenue for the first quarter of 2019 while net loss came in narrower than expected. Shares were up 1.1% during after-market hours on Wednesday.
Total revenues rose 10% year-over-year to $272 million, driven by tracker and smartwatch growth. Smartwatch device sales grew 117% year-over-year. Tracker device sales increased 17%, marking the first quarter of year-over-year growth in three years. The growth in trackers was driven by the introduction of new devices Inspire and Inspire HR.
On a GAAP basis, net loss was $79.5 million, or $0.31 per share, versus $80.9 million, or $0.34 per share, in the year-ago period. Adjusted net loss was $38.1 million, or $0.15 per share.
Revenue in the US fell 3% to $135 million while international revenues grew 26% to $137 million. The Fitbit Health Solutions business grew 70% with revenues of $30.5 million, and is on track to achieve its full-year revenue target of approx. $100 million.
Fitbit sold 2.9 million devices during the quarter, up 36% year-over-year. Average selling price dropped 19% to $91 per device due to the introduction of more affordable devices.
For the second quarter of 2019, Fitbit expects revenues to grow 2-7% year-over-year to a range of $305 million to $320 million. For the full year of 2019, revenues are expected to grow 1-4% to a range of $1.52 billion to $1.58 billion. The company expects to see an increase in devices sold and a decline in average selling price both for the second quarter and full-year 2019.
Get access to timely and accurate verbatim transcripts that are published within hours of the event.
Most Popular
Broadcom (AVGO) reports higher Q3 revenue and profit; results beat estimates
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) reported higher revenues and adjusted earnings for the third quarter of 2024 amid continued strong demand. The Q3 numbers also topped expectations. Earnings, excluding
Key takeaways from Hewlett Packard’s (HPE) Q3 2024 earnings report
Hewlett Packard Enterprise (NYSE: HPE) has delivered stronger-than-expected third-quarter results amid significant conversion in AI system revenues. The prospects for the company's AI server and edge computing businesses look promising
Hormel Foods (HRL): Factors that put a damper on the food company’s Q3 performance
Shares of Hormel Foods Corporation (NYSE: HRL) were up over 2% on Thursday. The stock is recovering from a fall it took a day ago after the company delivered mixed