Fitbit (NYSE:FIT) announced its latest quarterly earnings results after hours today, bringing in earnings that topped Wall Street’s guidance, but FIT stock was falling hard late in the day on a weak guidance.
For its fourth quarter of 2018, the fitness device maker announced net income of $15.4 million, or 6 cents per share. In the year-ago quarter, it had posted a loss of $45.5 million, or 19 cents per share. Earnings were 14 cents per share on an adjusted basis, topping its year-ago loss of 2 cents per share.
Fitbit added that it called for adjusted earnings of 7 cents per share, according to data compiled by FactSet. The company also brought in revenue of $571.2 million, ahead of the $570.8 million from the year-ago quarter. The figure was slightly ahead of the Wall Street sales projection of $569 million.
For its first quarter of fiscal 2019, the Silicon Valley organization sees an adjusted loss of 22 cents to 24 cents per share, wider than the loss of 15 cents per share that analysts predict, per FactSet. Fitbit forecasts sales in the range of $250 million to $268 million, below the Wall Street estimate of $272 million for the period.
FIT stock is down close to 15% after the bell Wednesday as the company announced a first-quarter outlook that was below what Wall Street called for. Shares were up close to 4% during regular trading hours ahead of its quarterly results.