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Wearable Tech Insider

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You are here: Home / Company News / Fitbit Cuts Guidance, Stock Gets Hammered

Fitbit Cuts Guidance, Stock Gets Hammered

November 2, 2016 By Dan Rosenbaum

fitbit altaLive by the wristband, die by the wristband.

Fitbit reported its third-quarter earnings this afternoon, reporting year-over-year growth of 23 percent to $503.8 million. Analysts had been expecting $506.9 million, which doesn’t sound like much of a miss; earnings of 19 cents per share met expectations. Unit sales grew 11 percent, and so did average selling price.

The real problem is in the current quarter and full-year results. For the fourth quarter, Fitbit execs said they expected earnings of between 17 and 19 cents per share on revenue of between $725 million and $750 million; analysts had been expecting earnings of 75 cents on revenue of $985 million. For the full year, execs said they expected between 55 and 59 cents per share on revenue between $2.32 billion and $2.35 billion; analyst consensus had been $1.18 earnings on $2.58 billion revenue. That would be a 10 percent miss on revenue and a 50 percent miss on earnings.

In aftermarket trading today, Fitbit got killed: down more than 30 percent at less than $9 share. And this, you’ll recall, is for the company that’s leading the basic wristband category.

Last updated by Dan Rosenbaum on February 1, 2017.

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Filed Under: Company News, General News Tagged With: earnings, finance, fitbit

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