Wednesday, November 14, 2018

Banner Content

Shares of Fitbit jumped more than 25 percent in early trading Thursday after the wearables company beat estimates on earnings and revenue.

“Fourteen months ago we had zero percent share” in smartwatches, Fitbit CEO James Park said on “Squawk Alley” on Thursday. “Now we’re No. 2, beating the likes of Samsung.”

The company expects unit shipments to grow year over year, Park said.

Fitbit delivered mixed guidance for the fourth quarter, forecasting over 7 cents per share, beating analyst estimates of 6 cents. It sees lower-than-expected revenue of $560 million.

“We’re actually expecting to post profitability again in Q4, just like we did in Q3,” Park said. “Again, there’s a lot of positive momentum that we have going into the holiday season.”

— CNBC’s Tyler Clifford and Carmin Chappell contributed to this report.


Leave a Comment


Predator 21 x