Fitbit Stock Is Soaring on Q3 Adjusted Earnings Beat

Fitbit stock (NYSE:FIT) was soaring late in the day on Wednesday as the company reported its latest quarterly earnings results after hours, unveiling results that were stronger than what analysts were calling for on the profit and revenue fronts.

Fitbit Stock
Source: Fitbit

The fitness activity tracker maker said that for its third quarter of fiscal 2018, it brought in net losses of $2.1 million, or a penny per share. The figure was stronger than its losses from the year-ago quarter of $113.4 million, which amounted to roughly 48 cents per share.

Fitbit added that when adjusting for items such as stock-based compensation, its earnings reached 4 cents per share. Analysts who were surveyed by FactSet said that they were calling for the company to bring in an adjusted loss of a penny per share.

The company also said that its revenue for the period grew from year to year, reaching $393.6 million, ahead of the $392.5 million it amassed during the year-ago quarter. Analysts were calling for the company to bring in revenue of $381.3 million, according to FactSet.

For its fourth quarter of the fiscal year, analysts project that Fitbit will bring in adjusted earnings of 5 cents per share on revenue of $569 million. The company forecasts revenue of more than $560 million, as well as adjusted earnings of more than 7 cents per share.

FIT stock is up more than 9.1% after the bell on Wednesday as the company reported its latest quarterly earnings results, which were stronger than what analysts were calling for in their consensus estimate. Fitbit shares were gaining about 7% during regular trading hours on the day in anticipation of its results.


Article printed from InvestorPlace Media, https://investorplace.com/2018/10/fitbit-stock-fit-3/.

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