Fitbit, Inc. FIT just released its first quarter 2017 financial results, posting a loss of $0.25 per share and revenues of $299 million. Currently, Fitbit is a Zacks Rank #3 (Hold), and is up 7.22% to $6.09 per share in after-hours trading shortly after its earnings report was released.
Met earnings estimates. The company posted a loss of $0.25 per share (excluding $0.02 from non-recurring items), meeting the Zacks Consensus Estimate of a loss of $0.25 per share.
Beat revenue estimates. The company saw revenue figures of $299 million, beating our consensus estimate of $277 million.
The fitness wearable company sold 3 million devices in last quarter. The company reported an adjusted EBITDA loss of $52.3 million.
The company’s GAAP operating expenses fell by 2.5% to $210 million, while non-GAAP expenses dropped by 8% to $182 million. Fitbit launched a new “Community” section in its app, which hopes to increase engagement.
Fitbit expects to report revenue in the range of $330 million to $350 million in the second quarter. The company’s full-year revenue expectations are set to be in the range of $1.5 billion to $1.7 billion
Fitbit’s stock had fallen by 22% since the start of the year.
“In the ten years since Fitbit was founded, we have transformed the wearables category with more than 63 million devices sold, over 50 million registered device users, and a global retail footprint of more than 55,000 stores,” Fitbit co-founder and CEO James Park said in a press release. “Underlying consumer demand has been better than our reported results in North America as we work down channel inventory levels, giving us increased confidence that we will enter the second half of 2017 with a relatively clean channel.”
“While 2017 remains a transition year, we have executed on our restructuring plan and are focused on positioning the company for the next stage of growth within wearables and connected health.”
Here’s a graph that looks at Fitbit’s Price, Consensus and EPS Surprise history:
Fitbit, Inc. Price, Consensus and EPS Surprise
Fitbit, Inc. Price, Consensus and EPS Surprise | Fitbit, Inc. Quote
Fitbit Inc. manufactures and markets wearable fitness-tracking devices. The Company's product consists of Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria. It also offers accessories, which include bands and clips, charging cables and Fitbit apparel. Fitbit Inc. is headquartered in San Francisco, California.
Check back later for our full analysis on Fitbit’s earnings report!
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