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
V Earnings: Key quarterly highlights from Visa’s Q1 2023 financial results
Visa Inc. (NYSE: V) reported first quarter 2023 earnings results today. Net revenues grew 12% year-over-year to $7.9 billion. GAAP net income rose 6% to $4.2 billion while EPS grew
Earnings: Highlights of Intel’s (INTC) Q4 2022 financial results
Intel Corporation (NASDAQ: INTC) Thursday reported a decline in adjusted earnings and revenues for the fourth quarter. The semiconductor giant also provided guidance for the first quarter of 2023. Fourth-quarter
McCormick (MKC) expects to drive sales growth in 2023 through pricing actions and cost savings
Shares of McCormick & Company Inc. (NYSE: MKC) were down over 5% on Thursday after the company missed expectations on its fourth quarter 2022 results and provided a lower-than-expected earnings