Fitbit Beats Earnings, Denies Production Problems
Fitbit’s CEO James Park has denied reports that the company’s first entry into the smartwatch market has been a troubled one, speaking at the company’s latest earnings call earlier today.
Fitbit managed to beat expectations for the quarter, delivering a lower than expected loss of $60.1 million.
The company’s revenue for the quarter was $298.9 million, down from the previous year’s $505.4 million. They sold 3 million units during the quarter, with the Charge 2, the Fitbit Flex 2, and the Fitbit Alta HR accounting for 84% of quarterly revenues.
Park insists that Fitbit’s “new product introductions are on track. The business is going as planned. And that’s why we are reaffirming our full-year guidance.”
He says that “long battery life, coupled with an amazing interactive experience, and one of the largest fitness social networks” will see the company bring their “own unique perspective” to the smartwatch category.
Fitbit shares rose 10% in the wake of the announcement.