FitBit Posts Another Top, Bottom Line Beat
After Tuesday's close, Fitbit Inc (NYSE: FIT) reported Q2 EPS of $0.12, beating the Street’s consensus of $0.11. Revenue of $586.5 million also came in ahead of estimates of $578 million to $580 million. This marks the fifth consecutive quarter were the company managed to outperform top and bottom line expectations.
Over the quarter, the company sold 5.7 million devices.
For the ongoing quarter, management guided for revenue in the $490 million to $510 million range, versus estimates of $498 million, and EPS of $0.17 to $0.19, compared to the Street’s consensus at $0.17.
For the full year, the company envisions revenue of $2.5 billion to $2.6 billion, mostly below expectations for $2.58 billion. EPS are expected to come in at $1.12 to $1.24, in line with the $1.17 estimate.
James Park, co-founder and CEO, said, "Second quarter results reflect accelerated unit and revenue growth in the U.S. and EMEA, our two largest markets, despite an unusually strong Q215 with the full availability of Fitbit Charge HR fulfilling built-up demand in that quarter."
"Our strong profitability reflects careful management of operating expenses, while we continue to invest in future growth. Based on the progress of our business, against a backdrop of a growing worldwide opportunity for our products, we remain confident in our guidance for the year," he added.
Shares traded recently at $13.31, up 1.1 percent after hours.
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