Fitbit Beats Second-quarter Earnings Expectations

Shares of Fitbit Inc. were up 1% after hours Tuesday after the company beat second-quarter earnings expectations. Fitbit reported net income of $6.3 million, or 3 cents per share, down from $17.7 million, or 7 cents per share in the year-earlier period. It reported adjusted earnings per share of 12 cents, above the FactSet consensus of 11 cents. Revenue was $587 million, up from $400 million in the year-earlier period and above the FactSet consensus of $578 million. The company confirmed its guidance of $490 million to $510 million for third-quarter revenue. The FactSet consensus was for revenue of $497 million. It expects full year revenue of $2.5 billion to $2.6 billion, compared to the FactSet consensus of $2.57 billion.