Categories Earnings, Technology

How Fitbit (FIT) performed in Q2 2020

Fitbit (NYSE: FIT) reported second quarter 2020 earnings results today.

Revenue dropped to $261.3 million from $313.6 million in the same period last year.

GAAP net loss amounted to $104.1 million, or $0.39 per share. Adjusted net loss totaled $31.5 million, or $0.12 per share.

A regulatory review of the proposed acquisition of the company by Alphabet’s (NASDAQ: GOOGL) subsidiary Google is underway and the European Commission started a Phase II review on Tuesday. Both companies expect to secure approvals and close the transaction in 2020 but uncertainty prevails regarding the transaction and this is exacerbated by the current pandemic environment.

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