Categories AlphaGraphs, Earnings, LATEST, Technology

Fitbit recovers top line in Q3 as fight with Apple Watch intensifies

Wearables veteran Fitbit (FIT) on Wednesday posted slight improvement in revenue of $394 million from last year’s $392.5 million, just beating Street estimates. Shares reacted to the news positively, sending the stock more than 10% up as high as $5.29 in aftermarket trade from its closing price of $4.73.

However, it saw a loss of $0.01 per share. Adjusted earnings was $0.04 a share on a net loss of only $0.21 million, much lower than last year’s loss of $113.4 million.

Analysts expected a revenue of $381.2 million, 3% short of a year ago generating an adjusted loss of $0.01 a share. Avoiding a double-digit percentage drop on the top line in itself was touted to be a silver lining for the company, but now it has improved it.

 

Fitbit Q3 earnings - wearable companies shipments market share

 

Three months ago, Fitbit saw a loss and declining sales for the seven straight quarters in a row. Revenue of Fitbit slipped 15.3% to below $300 million, posting a net loss of $118.3 million or $0.49 per diluted share. Cutting the cycle might now present a good opportunity for Fitbit to get back into the game, especially when the company that is looking to track your health is having trouble keeping itself above the water.

It is true that the once leading maker of fitness bracelets has fallen on hard times lately, especially with the advent of the Apple (AAPL) Watch. Shares have been falling sharply for the third consecutive year, shedding off 92% of their value since hitting its peak after its 2015 IPO.

 

Fitbit (FIT) Q3 2018 Earnings Results

 

 

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top