Fitbit Ionic has a few apps, with several coming
Erin Black | CNBC
Shares of Fitbit crated as much as 21% after hours on Wednesday after the company cut guidance for the next quarter in its second-quarter earnings report. The stock rebounded slightly, but was still down more than 11%, which is estimated to shave off more than $ 100 million from market capital, which would give it around $ 1 billion.
"With weaker Versa Lite sales, we lower the midpoint of our 201
For its third quarter, Fitbit estimates revenue would fall between $ 335 and $ 355 million, down 10% to 15% year-over-year. The company said it expects the average unit sales price to fall each year as the number of units sold increases.
Fitbit said it is cutting its non-GAAP operating cost target to about $ 640 million, below $ 660 million to $ 690 million previously estimated.
For the entire fiscal year, Fitbit now expects a loss of NOK 31 to 38 per share, compared with a 15 percent loss that analysts expected, according to Refinitiv.
Despite the easy guidance, the Fitbit analyst estimated second-quarter projections on top and bottom lines. Fitbit reported an adjusted loss of 14 cents per share of $ 314 million in sales. Analysts had projected an 18 cents-per-share loss of $ 312 million in revenue, according to Refinitive.
Just a day before Fitbit & # 39; s report, Apple said $ 5.53 billion in revenue for portable, home and accessories sales in its last quarter. While the segment consists of AirPods and smart speakers in addition to smart watches, the figure proves that Fitbit faces stiff competition in the portable activity tracking area.
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Watch: Fitbit CEO James Park: Innovation and a reasonable price point can lead to growth