Fitbit Reports $353M in Revenue, New Smartwatch On the Way for Holidays

Fitbit Q2: revenue of $353.3M, down from $586.5M YoY, vs. $341.6M est.; 3.4M devices sold; new smartwatch on track for launch ahead of holidays; stock up 6%+

Fitbit, Inc. (NYSE:FIT), the leading global wearables brand, today reported revenue of $353 million, GAAP net loss per share of ($0.25), non-GAAP net loss per share of ($0.08), GAAP net loss of ($58.2) million and Adjusted EBITDA loss of ($28) million for its second quarter of 2017.

“Consumer demand in the second quarter was better than anticipated, enabling Fitbit to reduce channel inventory and generate better sales. We are executing according to our transition plan and have increased confidence in achieving our full year results," said co-founder and CEO James Park. “Our smartwatch, which we believe will deliver the best health and fitness experience in the category, is on track for delivery ahead of the holiday season and will drive a strong second half of the year. In the long term, we are confident in our vision for the future and are uniquely positioned to succeed by leveraging our brand, community, and data to drive positive health outcomes.”

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