Fitbit (NYSE:FIT) earnings for the exercise wearables company’s fourth quarter of 2019 have FIT stock down after-hours Thursday. That comes after reporting adjusted losses per share of -12 cents. This was nowhere close to Wall Street’s earnings per share (EPS) estimate of 3 cents. Revenue of $502.14 million also missed analysts’ estimates of $523.21 million.
Now, let’s take a closer look at the most recent Fitbit earnings report.
- Adjusted per-share losses were a switch from earnings per share of 14 cents during the same time last year.
- Revenue for the quarter came in 12.09% lower than the $571.2 million from the fourth quarter of 2018.
- Operating loss of -$115.07 million was a negative change year-over-year from an operating income of $10.95 million.
- The Fitbit earnings report also had its net loss coming in at -$120.84 million.
- This is a far cry from the company’s net income of $15.37 million in the same period of the year prior.
James Park, co-founder and CEO of Fitbit, said this about the FIT stock earnings report:
“In 2019, we continued to advance our mission of making health accessible to more people around the world by delivering devices, software and services at affordable prices that help improve peoples’ health. As a result, we sold 16 million devices and our smartwatch business grew 45 percent at retail, due to strong demand for Versa 2.”
The Fitbit earnings report doesn’t include specific details for a 2020 outlook. However, Park does say that the company expects to grow its higher-margin revenue streams during the year.
FIT stock was down about 1% after markets closed on Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
