Fitbit Shares Spike After Earnings Beat Estimates

Fitbit Inc. shares jumped 10.2% in said late-Wednesday trading after the health and fitness wearables company reported first-quarter earnings that beat expectations. Net loss for the quarter was $60.1 million, or 27 cents per share, compared with net income of $11.0 million, or 5 cents per share, for the same period last year. The adjusted loss was 15 cents per share, compared with the 18-cent loss FactSet forecast. Revenue was $298.9 million, down from $505.4 million last year and ahead of the $279.0 million FactSet consensus. Fitbit expects a second-quarter adjusted loss per share in the range of 14 cents to 17 cents and revenue in the range of $330.0 million to $350.0 million. The FactSet estimate is for an 11-cent loss and revenue of $350.0 million. Full-year 2017 adjusted loss is expected to be in the range of 44 cents and 22 cents and revenue is expected to be in the range of $1.5 billion to $1.7 billion. The FactSet consensus is for a loss of 35 cents and revenue of $1.6 billion. Fitbit shares are down 67% for the past year while the S&P 500 index is up 15.7% for the period.