Investing.com - Health and fitness wearable device maker (NYSE:Fitbit) is looking to revive its fortunes with the release of a new smartwatch this year.
"Our smartwatch, which we believe will deliver the best health and fitness experience in the category, is on track for delivery ahead of the holiday season,” co-founder and CEO James Park said Wednesday.
He said this would help drive a strong performance in the second half of the year.
Fitbit has suffered from declining sales and production problems along with layoffs amid competition from Apple (NASDAQ:AAPL).
Fitbit’s second-quarter earnings released Wednesday beat analyst estimates.
It reported a loss per share of 8 cents against an estimated loss of 15 cents and earnings a year earlier of 12 cents.
Revenues of $353.3 million beat an estimate of $341.6 million but were well down on $586.5 million a year earlier.
It sold 3.4 million devices in the quarter, largely in line with estimates.
The company forecast third-quarter revenues in a range of $380-$400 million. It expects a loss per share in a range of 2-5 cents.
Fitbit’s shares jumped 14.40% to $5.80 as of 10:00 ET Thursday. They hit levels of $50 in August 2015, shortly after listing.