Fitbit Stock Plummets On Q4 Earnings Miss, Poor Guidance

By Zacks Investment ResearchStock MarketsFeb 26, 2018 05:24AM ET

www.investing.com/analysis/fitbit-stock-plummets-on-q4-earnings-miss-poor-guidance-200294399

Fitbit Stock Plummets On Q4 Earnings Miss, Poor Guidance

By Zacks Investment Research | Feb 26, 2018 05:24AM ET

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Fitbit, Inc. (NYSE:FIT) just released its fourth-quarter and full year 2017 financial results, posting an adjusted loss of $0.02 per share and revenues of $570.8 million. Currently, Fitbit is a Zacks Rank #3 (Hold) and is down nearly 11% to under $5 per share in after-hours trading shortly after its earnings report was released.

FIT:

Missed earnings estimates. The company posted an adjusted loss of $0.02 per share, missing the Zacks Consensus Estimate of break-even earnings.

Missed revenue estimates. The company saw revenue figures of $570.8 million, falling well short of our consensus estimate of $587.03 million.

Fitbit revenues fell from $573.8 million in the year-ago period. The company did note that it sold 5.4 million wearable devices in the quarter, with the average selling price up 20% year-over-year. This was driven by higher prices for its new Ionic smartwatches.

Looking ahead to fiscal 2018, Fitbit expects “limited revenue from new product introduction.” The company now projects sales will fall between 15% and 20%.

“In 2018 we’ll focus on managing down expenses, continuing to expand in the smartwatch category and supporting our engaged global community on their health and fitness journeys,” CEO James Park said in a statement.

Here’s a graph that looks at FIT’s Price, Consensus and EPS Surprise history:

Fitbit, Inc. Price, Consensus and EPS Surprise

Fitbit, Inc. Price, Consensus and EPS Surprise | Fitbit, Inc. Quote

Fitbit Inc. manufactures and markets wearable fitness-tracking devices. The Company's product consists of Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria. It also offers accessories which include bands and clips, charging cables and Fitbit apparel. Fitbit Inc. is headquartered in San Francisco, California.

Check back later for our full analysis on FIT’s earnings report!

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Fitbit Stock Plummets On Q4 Earnings Miss, Poor Guidance

Fitbit, Inc. Price, Consensus and EPS Surprise

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