Can Fitbit Stock Keep Going After Last Week's 8% Pop?

Can Fitbit Stock Keep Going After Last Week's 8% Pop?

An actual turnaround at Fitbit (NYSE: FIT) may take some time, but investors bid up the shares last week after the activity-monitoring wearables maker posted better-than-expected financials and slightly boosted its full-year outlook.

The second quarter was rough on a year-over-year basis. Revenue plummeted 40% to hit $353.3 million. This is the former market darling's third quarter in a row of double-digit declines on the top line. Fitbit's profitability a year earlier was reversed, as bottom-line results clocked in at a loss of $0.23 a share -- or a deficit of $0.08 a share on an adjusted basis. However, analysts were bracing for an adjusted loss of $0.15 a share on just $341.6 million in revenue.

The numbers aren't great, but the stock is also trading at a little more a third of where it was a year earlier. Fitbit stock has plummeted 89% since peaking two summers ago, shortly after going public. Frame Fitbit's performance correctly and it's not a shabby showing based on the stock's present valuation.

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Source: Fool.com