Fitbit Inc. (NYSE: FIT) is scheduled to report first quarter 2019 earnings results on Wednesday, May 1, after market close. Analysts expect the company to report a loss of $0.22 per share on revenue of $259.8 billion. Fitbit has consistently surpassed earnings estimates over the past four quarters.
Fitbit has launched several new and affordable products over the past few months and the company’s wide range of offerings can be expected to drive growth, especially in the wearables market, for the first quarter. New device sales are also expected to benefit the topline.
Fitbit is making efforts to drive growth in the health and wellness sector which is an area that provides good opportunities. The company’s partnerships with healthcare companies are likely to give a boost to these efforts.
The smartwatch market in the US is a rapidly growing space and Fitbit is trying to expand its footprint here. The company faces tough competition from the likes of Apple (NASDAQ: AAPL) and Garmin (NASDAQ: GRMN) but its strategy of launching products at affordable prices could pay off.
In the fourth quarter, Fitbit reported adjusted EPS of $0.14 on revenue of $571.2 million. The results topped Wall Street estimates. Device sales grew 3% to 5.6 million units while average selling price per device fell 2% to $100. New devices like the Fitbit Versa, Fitbit Ace, and Fitbit Charge 3 accounted for about 79% of total revenue during the fourth quarter.
For the first quarter, Fitbit has guided for a revenue growth of 1-8%, amounting to total revenues of $250 million to $268 million. The company expects to post a net loss of $0.24-0.22 per share for the quarter. For the full year of 2019, Fitbit anticipates revenues will grow 1-4% year-over-year to a range of $1.52 billion to $1.58 billion.
Fitbit’s stock has gained over 5% so far this year.
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