Fitbit (FIT) Tops Q1 EPS by 7c, Revs Beat

Fitbit (NYSE: FIT) reported Q1 EPS of ($0.15), $0.07 better than the analyst estimate of ($0.22). Revenue for the quarter came in at $272 million versus the consensus estimate of $259.71 million.

“We saw continued momentum across our business in the first quarter, with revenue up 10% and devices sold up 36% year-over-year. Smartwatch device sales increased 117% year-over-year and the introduction of our new trackers, Inspire and Inspire HR, helped spark the first quarter of year-over-year growth in tracker device sales in three years. In addition, our Fitbit Health Solutions business grew 70% with revenue of $30.5 million, demonstrating great progress towards our $100 million revenuetarget for 2019,” said James Park, co-founder and CEO. “New users are continuing to join the Fitbit platform with active users increasing in the first quarter, underscoring the effectiveness of our strategy to bring more users onto the Fitbit platform with the introduction of more accessible, affordable devices.”

GUIDANCE:

Fitbit sees Q2 2019 EPS of ($0.20)-($0.17), versus the consensus of ($0.16). Fitbit sees Q2 2019 revenue of $305-320 million, versus the consensus of $312.84 million.

For earnings history and earnings-related data on Fitbit (FIT) click here.

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