Fitbit Inc (NYSE:FIT) shares were heading lower as the company posted a loss for its third quarter of fiscal 2017.
As the company approaches the end of its fiscal year, Fitbit posted a non-GAAP net loss of a penny per share for the last quarter, amounting to a net loss of $113 million, or 48 cents per share. On an adjusted basis, Yahoo Finance analysts expected a loss of four cents per share for the company.
One of the company’s strong point in the quarter is its Fitbit Ionic device, which is expected to be a hit. Fitbit also posted revenue of $393 million, which is a decline compared to the $504 million in revenue a year ago.
Fitbit added that its health and fitness devices surged 7% in its third quarter compared to its second quarter, totaling 3.6 million sales of these products. “We continue to execute on our transition plan by delivering on our financial guidance and product roadmap, positioning Fitbit on a path back to growth and profitability,” CEO James Park said in the company’s quarterly report.
“We believe Fitbit Ionic delivers the best health and fitness experience in the category,” he added. “It has received the highest customer ratings of any Fitbit product within the first month of sales, giving us confidence in our ability to capture share of the fast-growing smartwatch market.”
FIT shares gained 1.7% during regular trading hours Wednesday but slipped 0.3% after the bell.
