Categories AlphaGraphs, Earnings, LATEST, Technology

Fitbit recovers top line in Q3 as fight with Apple Watch intensifies

Wearables veteran Fitbit (FIT) on Wednesday posted slight improvement in revenue of $394 million from last year’s $392.5 million, just beating Street estimates. Shares reacted to the news positively, sending the stock more than 10% up as high as $5.29 in aftermarket trade from its closing price of $4.73.

However, it saw a loss of $0.01 per share. Adjusted earnings was $0.04 a share on a net loss of only $0.21 million, much lower than last year’s loss of $113.4 million.

Analysts expected a revenue of $381.2 million, 3% short of a year ago generating an adjusted loss of $0.01 a share. Avoiding a double-digit percentage drop on the top line in itself was touted to be a silver lining for the company, but now it has improved it.

 

Fitbit Q3 earnings - wearable companies shipments market share

 

Three months ago, Fitbit saw a loss and declining sales for the seven straight quarters in a row. Revenue of Fitbit slipped 15.3% to below $300 million, posting a net loss of $118.3 million or $0.49 per diluted share. Cutting the cycle might now present a good opportunity for Fitbit to get back into the game, especially when the company that is looking to track your health is having trouble keeping itself above the water.

It is true that the once leading maker of fitness bracelets has fallen on hard times lately, especially with the advent of the Apple (AAPL) Watch. Shares have been falling sharply for the third consecutive year, shedding off 92% of their value since hitting its peak after its 2015 IPO.

 

Fitbit (FIT) Q3 2018 Earnings Results

 

 

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

One thought on “Fitbit recovers top line in Q3 as fight with Apple Watch intensifies

Comments are closed.

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top