Fitbit Inc. (NYSE: FIT) reported better-than-expected revenue and earnings for the second quarter of 2019 but the company lowered its revenue guidance for the full year, sending the stock crashing 12% in aftermarket hours on Wednesday. The consensus estimate was for a loss of $0.18 per share on revenue of $311.9 million.
Total revenue rose 5% year-over-year to $314 million, driven by a 31% growth in devices sold.
GAAP net loss was $69 million, or $0.27 per share, compared to $118 million, or $0.49 per share, in the year-ago period. Adjusted net loss was $36 million or $0.14 per share.
Tracker revenue grew 51% year-over-year and comprised 59% of total revenue. Smartwatch revenue fell 27%, hurt by weaker-than-expected sales of Fitbit Versa Lite Edition. Smartwatches represented 38% of total revenue. Accessory and non-device revenue formed 3% of total revenue.
Devices sold increased 31% year-over-year to 3.5 million. The average selling price was $86 per device, down 19%, due to the introduction of more affordable devices. Tracker devices sold increased 56% year-over-year while smartwatch devices sold fell 7%.
New devices introduced in the past 12 months – Fitbit Charge 3, Fitbit Inspire, Fitbit Inspire HR, Fitbit Ace 2 and Fitbit Versa Lite Edition – represented 68% of revenue. Fitbit Health Solutions revenue increased 16% year-over-year, and the segment is on track to achieve its full-year revenue target of approx. $100 million.
Revenue in the US fell 1% to $181 million while international revenues rose 14% to $133 million. The EMEA and Americas, excluding the US, regions saw double-digit revenue growth while APAC recorded a decline.
For the third quarter of 2019, revenue is expected to decline 10-15% year-over-year to $335-355 million. Adjusted basic net loss per share is expected to be $0.09-0.11.
For the full year of 2019, the company lowered its revenue guidance to a range of $1.43 billion to $1.48 billion versus the previous range of $1.52 billion to $1.58 billion. Adjusted basic net loss per share is expected to be $0.31-0.38.
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
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
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