Fitbit Shares Rally As Results Top Wall Street View

By Wallace Witkowski Markets MarketWatch Pulse

Fitbit Inc. shares rallied in the extended session Wednesday after the fitness-tracking device maker posted better-than-anticipated results for the second quarter. Fitbit shares surged 10% to $5.60 after hours. The company reported a second-quarter loss of $58.2 million, or 25 cents a share, compared to net income of $6.3 million, or 3 cents a share, in the year-ago period. The adjusted loss was 8 cents a share. Revenue fell to $353.3 million from $586.5 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 15 cents a share on revenue of $341.6 million. For the third quarter, Fitbit estimates an adjusted loss of 5 cents to 2 cents a share on revenue of $380 million to $400 million. Analysts expect a loss of 5 cents a share on revenue of $393.1 million.

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