Fitbit reports EPS in-line, revs in-line; guides Q4 EPS and revenue well below consensus :
- Reports Q3 (Sep) earnings of $0.19 per share, excluding non-recurring items, in-linewith the Capital IQ Consensus of $0.19; revenues rose 23.1% year/year to $503.8 mln vs the $506.6 mln Capital IQ Consensus.
- U.S. revenue grew 33% year-over-year; EMEA 64%, APAC (45)%, and Other Americas 7%.
- 11% growth in unit sales, 11% rise in average selling price 60% of the activations in the quarter came from new customers buying new products, 40% from customers who made repeat purchases of new products. Of the repeat customers, ~20% were reactivations (customers who were inactive for 90 days or greater).
- Co issues downside guidance for Q4, sees EPS of $0.14-0.18, excluding non-recurring items, vs. $0.75 Capital IQ Consensus Estimate; sees Q4 revs of $725-750 mln vs. $983.31 mln Capital IQ Consensus Estimate.
- "I am pleased to see positive reception for our new products launched in the third quarter. We are attracting new customers while our existing ones are upgrading their devices, underscoring the strength of the Fitbit brand and growing relevancy of wearables as part of consumers' everyday lives," said James Park, Fitbit co-founder and CEO. "We continue to grow and are profitable, however not at the pace previously expected. We are focused on improving the utility of our products and integrating more deeply into the healthcare ecosystem and believe we can leverage our brand and community to unlock new avenues and adjacencies of growth."
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