Fitbit spikes after losing less money than expected
(Fitbit)
Fitbit's stock surged after the company posted a second-quarter loss than was lower than analyst forecasts.
The adjusted loss for the period was $0.08 per share, beating analyst estimates of a $0.15 per share deficit. The wearable device maker also reported quarterly revenue of $353.3 million, exceeding a consensus forecast of $341.6 billion.
"Consumer demand in the second quarter was better than anticipated, enabling Fitbit to reduce channel inventory and generate better sales," co-founder and CEO James Park said in a statement. "We are executing according to our transition plan and have increased confidence in achieving our full year results."
The strength seen in Fitbit's stock is welcome news for shareholders that have seen the company hover near record lows for the past few months. Shares have plunged 83% since the start of 2016.
Following the second-quarter earnings news, shares of Fitbit rose 7.1% to $5.43 a share as of 4:22 pm ET.
(Fitbit spiked after reporting earnings that beat analyst estimates.Markets Insider)
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