FitBit stock jumps as smartwatches fuel growth
FitBit’s stock price jumped in after-hour trading and is currently trading around $6.00 a share, off its 52-week intraday high of $7.79.
The company today announced its latest quarterly numbers, which saw the average selling price of its wearables increase 6% year-over-year to $106 a device. New devices introduced within the last year represented 59% of the company’s revenue.
Smartwatches were a high-point for FitBit this quarter. The company stated that its higher-priced smartwatch wearables outsold Samsung, Garmin and Fossil smartwatches combined in North America. Smartwatch revenue grew to 55% of revenue, up from 30% on a sequential basis.
“Our performance in Q2 represents the sixth consecutive quarter that we have delivered on our financial commitments, made important progress in transforming our business, and continued to adapt to the changing wearables market. Demand for Versa, our first ‘mass-appeal’ smartwatch, is very strong. Within the second quarter, Versa outsold Samsung, Garmin and Fossil smartwatches combined in North America, improving our position with retailers, solidifying shelf space for the Fitbit brand and providing a halo effect to our other product offerings,” said James Park, co-founder and CEO.
FitBit’s stock price rallied earlier this summer hitting 7.79 — its highest selling price since early 2017. The stock has been slipping since though this quarterly release could cause the price to jump again.
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