The shares of Fitbit Inc. 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. GOOGL 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.