Fitbit Reports Q3 Sales Beat
Fitbit Inc (NYSE: FIT) released its third-quarter earnings report after Wednesday's close.
Adjusted earnings came in at a loss of 10 cents per share, falling in line with consensus estimates. Sales came in at $347.2 million, beating estimates by $1.94 million.
"In Q3 we continued to make good progress shifting our business towards the faster growing smartwatch category with the introduction of Versa 2, expanding Fitbit Health Solutions, and deepening our relationship with consumers with the launch of Premium," said James Park, co-founder and CEO.
"The continued success of the Fitbit brand is built on the trust of our users, and our commitment to strong user privacy and security will not change. I'm excited about the combination of Fitbit and Google and look forward to closing the transaction and further advancing our vision and mission, accelerating innovation in the category and ultimately helping more people around the world get healthier."
See Also: Google Invades Apple's Wearables Territory With Fitbit Acquisition
Highlights
3.5 million devices sold
Active users grew 9% year-over-year
Smartwatch revenue represented 58% of revenue
Fitbit Health Solutions grew 10% in the quarter
Consumer direct business grew 23%
Fitbit's stock closed at $703 per share.
Photo courtesy of Fitbit.
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