Skip to main content

Market Overview

Fitbit Shares Plummet On Q4 Earnings Miss

Fitbit Shares Plummet On Q4 Earnings Miss

The shares of Fitbit Inc. (NYSE: FIT) dropped lower in the after-hours session on Thursday as the fitness wearables maker missed analyst expectations for the fourth-quarter earnings.

What Happened

Fitbit reported a net loss of $120.8 million for the quarter that ended in December 2019 compared to the $15.4 million net profit posted in the similar quarter last year.

The company reported a loss of 46 cents per share, missing the average 4 cents earnings estimated by analysts polled by FactSet, as reported by MarketWatch.

Fitbit had posted a profit of 6 cents per share last year. Net revenue was at $502.1 million, down 12% from last year's $571.2 million, and 5.6% lower than the analyst consensus of $531.7 million.

Fitbit agreed on a merger with Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOG) subsidiary Google LLC in November last year, but the deal remains unfulfilled pending regulatory approval at a time when Alphabet along with other technology giants faces antitrust investigations into their acquisitions of smaller companies.

The San Francisco-based company said it would not host any earnings call or issue forward-looking guidance until its acquisition by Google is finalized, which it expects to happen by the end of this year.

Price Action

Fitbit's shares traded 1.24% lower at $6.36 in the after-hours session on Friday. The shares closed the regular session 0.46% lower at $6.44.


Related Articles (FIT + GOOG)

View Comments and Join the Discussion!

Posted-In: Alphabet Fitbit GoogleEarnings News After-Hours Center Tech General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at