Leading wearables maker Fitbit (FIT) reported flat fourth quarter revenues of $571 million vs. prior year period. On a GAAP basis, the company pared down its losses to $0.19 per share vs. $0.46 reported last year. Non-GAAP loss came in at $0.02 per share compared to $0.56 in the fourth quarter of 2017.
Fitbit sold 5.4 million devices in the fourth quarter, which improved 50% sequentially, but was down 17% when compared to the prior year period. Average selling price improved 20% to $102 vs. previous quarter, but was down 3% compared to the fourth quarter of 2016.
Regarding customer mix, 67% of activations were from new users, while the rest came from repeat customers.
At the end of 2017, no. of active users stood at 25.4 million, spiked 9% from 23.2 million reported at the end of December 31, 2016.
Fitbit expects its device mix to lean towards smartwatches during 2018. The company expects its sales to be approx. $1.5 billion and hopes to breakeven in the fiscal 2018. For the first quarter of 2018, revenues are expected to come between $240 million to $255 million and basic non-GAAP loss in the range of $0.21 to $0.18 per share.
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