AP NEWS

Fitbit: 2Q Earnings Snapshot

August 1, 2018

SAN FRANCISCO (AP) _ Fitbit Inc. (FIT) on Wednesday reported a loss of $118.3 million in its second quarter.

On a per-share basis, the San Francisco-based company said it had a loss of 49 cents. Losses, adjusted for pretax expenses and stock option expense, came to 22 cents per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 24 cents per share.

The wearable device maker posted revenue of $299.3 million in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $285.9 million.

For the current quarter ending in October, Fitbit expects its results to range from a loss of 2 cents per share to earnings of 1 cent per share.

The company said it expects revenue in the range of $370 million to $390 million for the fiscal third quarter.

Fitbit expects full-year revenue of $1.5 billion.

Fitbit shares have increased roughly 4 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $5.93, a climb of 17 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FIT at https://www.zacks.com/ap/FIT

AP RADIO
Update hourly