Fitbit Inc (NYSE:FIT) unveiled its latest quarterly earnings results after the bell Wednesday, which were better than what Wall Street expected, but its guidance missed estimates.
The fitness device maker announced a net loss of $80.9 million for its first quarter, more than $20 million wider than the loss of $60.1 million from its year-ago quarter. This amounted to a loss of 34 cents per share, compared with its year-ago loss of 27 cents per share.
On an adjusted basis, Fitbit posted a loss of 17 cents per share, which were better than analysts’ expectations of an adjusted loss of 20 cents per share, according to data compiled by FactSet. A year ago, the company posted an adjusted loss of 15 cents per share.
The company’s revenue fell to $247.9 million from the $298.9 million it raked in during the year-ago quarter. The Wall Street consensus estimate was calling for Fitbit to bring in revenue of $247.3 million, according to FactSet.
The company said it sold 2.2 million devices during the period, which is weaker than its year-ago sales of 3 million devices. For the second quarter, the device maker projects revenue in the range of $275 million to $295 million, while analysts are calling for revenue of $310 million.
Fitbit also projects adjusted earnings at a loss of 23 cents to 27 cents per share for the period, below the Wall Street outlook of a loss of 12 cents per share on an adjusted basis. “We expect results to be impacted by the reduced demand by the channel for trackers, partially offset by an increase in smartwatch revenue, driven primarily by Versa sales,” the company said in its release.
FIT shares were down about 1.3% after hours Wednesday on the company’s weak outlook.