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FitBit Shares Tank 30% on Weak Revenue, Guidance

Thursday, November 3, 2016 6:17
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(Before It's News)

fitbitFrom Tyler Durden: Wearables maker Fitbit Inc (NYSE:FIT) shares are in freefall, crashing to single-digits in early trading, down over 30% to record lows, after missing on revenues and slashing guidance.

FIT missed revenues:

  • *FITBIT 3Q REV. $503.8M, EST. $508.7M

and slashed Q4 expectations…

  • *FITBIT SEES 4Q ADJ EPS 14C TO 18C, EST. 75C
  • *FITBIT SEES 4Q REV. $725M TO $750M, EST. $981.3M

Leaving the shares in utter freefall…

So given the above, here is what the CEO said…

“I am pleased to see positive reception for our new products launched in the third quarter. We are attracting new customers while our existing ones are upgrading their devices, underscoring the strength of the Fitbit brand and growing relevancy of wearables as part of consumers’ everyday lives,” said James Park, Fitbit co-founder and CEO.

“We continue to grow and are profitable, however not at the pace previously expected. We are focused on improving the utility of our products and integrating more deeply into the healthcare ecosystem and believe we can leverage our brand and community to unlock new avenues and adjacencies of growth.”

Cognitive dissonance?

FitBit shares fell $3.78 (-29.51%) to $9.03 per share in premarket trading Thursday. Prior to last night’s disastrous report, FIT had already plunged 56.71% year-to-date.

ETF investors may want to monitor the FXD today for potential impact, as FIT represents about 1.1% of the fund’s holdings.

This article is brought to you courtesy of ZeroHedge.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)

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