Wearable device maker Fitbit Inc forecast third-quarter revenue below analysts&#...
For the third quarter, Fitbit forecast revenue between $335 million and $355 million, below the analysts' average estimate of $399.4 million, according to IBES data from Refinitiv.
The company also forecast an adjusted loss of between 9 cents and 11 cents per share. Analysts were expecting a profit of 2 cents per share. Fitbit also lowered its 2019 revenue forecast and now expects it to be between $1.43 billion and $1.48 billion, compared with prior expectations of $1.52 billion to $1.58 billion earlier.
The company’s net loss narrowed to $68.5 million, or 27 cents per share, in the second quarter ended June 30, from $118.3 million, or 49 cents per share, a year earlier.Analysts on average had expected the company to post an 18 cents per share loss, according to IBES data from Refinitiv.Reporting by C Nivedita and Neha Malara in Bengaluru; Editing by Sriraj Kalluvila
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