Fitbit interests jumped Wednesday in extended trading after the company released better-than-expected second-quarter hosts.
Here’s how Fitbit fared:
- Loss per share: 22 cents, vs. 24 cents forecast by Thomson Reuters.
- Gross income: $299.3 million, vs. $285.4 million forecast by Thomson Reuters.
Analysts had projected quarterly profits of $285.4 million, or a nearly 20 percent year-over-year sales weakness. Fitbit reported a revenue drop of 15 percent.
In the year-ago favour, the fitness tech company reported it had a loss of 8 cents per share on take of $353.3 million.
The stock initially jumped 8 percent in after-hours deal following the report. The shares since pared gains, and were last watched trading more than 3 percent higher.
Fitbit performed punter in some regions than others. Its biggest decline was in Europe, the Mean East and Africa, where revenue plummeted 39 percent year upwards year. In the U.S., revenue dropped 8 percent.
However, the Asia-Pacific market was a gleaming spot for the company, where revenue increased 66 percent year during year.
For the third quarter, Fitbit said it expects revenue to terminate in between $370 million and $390 million. Analysts had forecast third-quarter receipts of $377.6 million, according to a Thomson Reuters consensus estimate.
The range has been up modestly in 2018. In the same period the Invesco QQQ Trust, which roads the tech-heavy Nasdaq 100 index, has gained more than 13 percent.
Fitbit’s organization has started to pivot toward smartwatches, which made up 55 percent of proceeds in the second quarter. Smartwatches also contributed to an increase in its average merchandise price. That figure rose 6 percent year over year to $106 per machinery.
However, Fitbit is not leaving its signature trackers behind. Co-founder and CEO James Deposit said on a call with investors that he expects the second clemency to be the “trough” in terms of tracker demand. He said there is potential lump for tracker use among children and in the health-care industry.
“We’re going to continue to provide and innovate in trackers,” he said.
In April, the company announced that it force use Google’s Cloud Healthcare API to integrate a patient’s Fitbit data with electronic medical make a notation ofs. The stock saw a temporary bump on the news.