Why 2017 was a Year to Forget for Fitbit Inc.

Why 2017 was a Year to Forget for Fitbit Inc.

Fitbit (NYSE: FIT) shares fell 3% on Nov. 1 after the wearables maker reported its third quarter earnings. Its revenue fell 22% annually to $393 million, marking its fourth straight quarter of double-digit sales declines, and it posted a non-GAAP net loss of $0.01 per share, versus a profit of $0.19 per share a year ago. However, those headline numbers beat analyst expectations for $392 million in revenues and a loss of $0.04 per share.

For the fourth quarter, Fitbit forecasts -1% to 5% sales growth, and for its non-GAAP earnings to come in between a loss of $0.03 and a profit of $0.01. For the full year, Fitbit expects a 24%-26% sales decline, and a net loss between $0.23-$0.27 per share compared to a loss of $0.12 per share in 2016.

A woman wears a Fitbit Charge 2. Image source: Fitbit.

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Source: Fool.com