FitBit (FIT) Stock Rises on Q2 Earnings, Revenue Beat

FitBit (NYSE:FIT) reported its latest quarterly earnings results late in the day Wednesday, posting an earnings and revenue beat that sent shares popping after the bell.

FitBit (FIT)
Source: Fitbit

The wearable technological device maker said that for its second quarter of fiscal 2018, it brought in a loss of 22 cents per share on an adjusted basis, which was wider than its year-ago loss of 8 cents per share. Analysts were calling for the company to amass an adjusted loss of 24 cents per share, according to Thomson Reuters.

FitBit said that for the period, its revenue tallied up to $299.3 million, which was better than the $285.3 million that analysts were projecting, according to data compiled by Thomson Reuters. The figure marked a 20% decline compared to its year-ago sales of $353.3 million

The company added that for its third quarter of the fiscal year, it sees its revenue as being in the range of $370 million and $390 million with the midpoint guidance at $380 million. The figure is better than the $377.6 million that the Wall Street consensus estimate is calling for, according to a survey of analysts conducted by Thomson Reuters.

Fitbit said that its quarterly success was fueled greatly by the average sales price of its smartwatches, which rose 6% year-over-year to $106.

FIT stock was down about 0.2% during regular trading hours on Wednesday in anticipation of the company’s quarterly earnings results, which sent shares up a bit higher than 2% after the bell.

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