Fitbit just released its first quarter financial results, posting an adjusted loss of $0.17 per share and revenues of $247.87 million.
Fitbit is currently a Zacks Rank #3 (Hold), which is subject to change based on today’s results. Shares of Fitbit are down 5% over the last year. Fitbit had seen its stock price surge 18% over the last four weeks. However, the company saw its stock price dip marginally on Wednesday to hit $5.46 per share prior to the release of its quarterly earnings results.
Fitbit stock is currently flat in after-hours trading shortly after its earnings report was released.
FIT:
Beat earnings estimates. The company posted an adjusted loss of $0.17 per share, beating the Zacks Consensus Estimate that called for a loss of $0.20 per share.
Beat revenue estimates. The company saw revenue figures of $247.87 million, topping our consensus estimate of $246.08 million.
Fitbit’s quarterly revenues fell roughly 17% from $298.9 million in the year-ago period. Meanwhile, the fitness wearable’s bottom line dropped from a $0.15 loss per share. Fitbit noted that it sold 2.2 million wearable devices in the quarter.
Looking ahead, Fitbit expects to report second quarter revenues in the range of $275 million to $295 million, which would mark a roughly 19% year-over-year decline. Fitbit also expects to report a Q2 adjusted net loss per share in the range of $0.27 to $0.23.
Here’s a graph that looks at FIT’s Price, Consensus and EPS Surprise history:
Check back later for our full analysis on FIT’s earnings report!
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Fitbit just released its first quarter financial results, posting an adjusted loss of $0.17 per share and revenues of $247.87 million.
Fitbit is currently a Zacks Rank #3 (Hold), which is subject to change based on today’s results. Shares of Fitbit are down 5% over the last year. Fitbit had seen its stock price surge 18% over the last four weeks. However, the company saw its stock price dip marginally on Wednesday to hit $5.46 per share prior to the release of its quarterly earnings results.
Fitbit stock is currently flat in after-hours trading shortly after its earnings report was released.
FIT:
Beat earnings estimates. The company posted an adjusted loss of $0.17 per share, beating the Zacks Consensus Estimate that called for a loss of $0.20 per share.
Beat revenue estimates. The company saw revenue figures of $247.87 million, topping our consensus estimate of $246.08 million.
Fitbit’s quarterly revenues fell roughly 17% from $298.9 million in the year-ago period. Meanwhile, the fitness wearable’s bottom line dropped from a $0.15 loss per share. Fitbit noted that it sold 2.2 million wearable devices in the quarter.
Looking ahead, Fitbit expects to report second quarter revenues in the range of $275 million to $295 million, which would mark a roughly 19% year-over-year decline. Fitbit also expects to report a Q2 adjusted net loss per share in the range of $0.27 to $0.23.
Here’s a graph that looks at FIT’s Price, Consensus and EPS Surprise history:
Check back later for our full analysis on FIT’s earnings report!
Looking for Stocks with Skyrocketing Upside
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>