<p>Fitbit (NYSE: FIT) results for the training company’s fourth quarter of 2019 have FIT stocks down after Thursday. It comes after reporting adjusted losses per share of -12 cents. This was nowhere near the 3 cents estimate of earnings per share (EPS). Revenue of $ 502.14 million also missed analysts’ estimates of $ 523.21 million.
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Now let’s take a closer look at the latest Fitbit revenue report.
Adjusted losses per share were a switch from 14 cents per earnings per share during the same period last year. Revenue for the quarter was 12.09% lower than $ 571.2 million compared to the fourth quarter of 2018. Operating profit of – $ 115.07 million was a negative change compared to the previous year from an operating profit of $ 10.95 million. The Fitbit earnings report also had a net loss of $ 120.84 million. This is far from the company’s net profit of $ 15.37 million during the same period last year.
James Park, co-founder and CEO of Fitbit, said this about the FIT stock earnings report:
“In 2019, we continued to promote our mission to make health accessible to more people around the world by delivering affordable devices, software and services that help improve human health. As a result, we sold 16 million units and our smartwatch business grew 45 percent in retail due to strong demand for Versa 2. ”
The Fitbit results report does not contain specific details for the 2020 outlook. Park says, however, that the company expects to increase its revenue streams by a higher margin during the year.
The FIT share fell about 1% after the markets closed on Thursday.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/02/fitbit-earnings-hit-fit-stock/.
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