Fitbit Shares Fall After Mixed Sales Outlook

Shares of Fitbit initially rose 5%, but then fell 12% in after-hours trade Wednesday, after the company beat second-quarter sales and profit expectations, but provided a mixed outlook. Fitbit reported GAAP net income of $17.7 million, or 7 cents per share, above $14.8 million, or 7 cents per share, in the year-earlier period. Fitbit reported non-GAAP earnings per share of 21 cents. The FactSet consensus was 9 cents. The company reported sales of $400 million, above the FactSet consensus of $319 million. For the third quarter, Fitbit said it expects revenue in the range of $335 million to $365 million and non-GAAP EPS in the range of 7 cents to 10 cents, compared with FactSet consensus estimates for revenue of $262.9 million and EPS of 7 cents.