Scalper1 News
Wearable fitness device maker Fitbit ( FIT ) late Monday beat Wall Street’s sales and earnings targets for the holiday quarter, but its guidance for the current quarter came up short. Fitbit shares were down 14% in after-hours trading following the earnings news release. During the regular trading session Monday, Fitbit stock climbed 5.9% to 16.52. For the fourth quarter, Fitbit earned 35 cents a share excluding items on sales of $712 million. Analysts polled by Thomson Reuters expected Fitbit to earn 25 cents a share ex items on sales of $648 million in the December quarter. On a year-over-year basis, sales jumped 92% and non-GAAP earnings per share rose 67%. For the current quarter, Fitbit is targeting non-GAAP earnings per share of 1 cent on sales of $430 million, based on the midpoint of its guidance. Analysts were modeling 23 cents a share on sales of $485 million in Q1. Fitbit CEO Bill Zerella told IBD that Q1 is a product transition quarter, with the company launching its Blaze smart fitness watch and Alta fitness wristband in March, while discontinuing the Fitbit Charge. Scalper1 News
Scalper1 News