Fitbit (FIT) Q3 Loss In Line With Estimates, Revenues Beat
Zacks Investment Research | Nov 11, 2019 05:51AM ET
Fitbit, Inc. (NYSE:FIT) reported third-quarter 2019 adjusted loss of 10 cents per share, in line with the Zacks Consensus Estimate.
The company’s total revenues came in at $347.2 million, down 11.5% year over year but up 16% on a sequential basis.
The top line was within management’s guided range of $335-$355 million. The figure surpassed the consensus mark by 0.3%.
During the quarter, Fitbit sold 3.5 million devices, flat year over year. Products launched over the past 12 months — namely Fitbit Inspire, Fitbit Inspire HR, Fitbit Ace 2, Fitbit Versa Lite Edition and Fitbit Versa 2 — contributed 61% to the company’s revenues.
The average selling price decreased 12% from the prior-year level to $96 per device in the third quarter.
On Nov 1, 2019, Fitbit entered into a definitive agreement to be acquired by Google (NASDAQ:GOOGL) for a total amount of approximately $2.1 billion. The deal is expected to close in 2020, subject to customary closing conditions, including consent from Fitbit’s stockholders and regulatory approvals. The deal will likely help the company to accelerate innovation in the wearables category.
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Fitbit, Inc. Price, Consensus and EPS Surprise
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