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Fitbit, Inc. (NYSE: FIT) reported fourth-quarter financial results after the markets closed on Wednesday. So far year to date the stock is down about 20%, and down even further when looking at the past 52-weeks. There’s no doubt that this stock has taken a beating in this time, but are traders finally coming around and calling a bottom to this stock?

The company posted a net loss per share of $0.56 on $573.8 million in revenue, versus consensus estimates from Thomson Reuters that called for a net loss of $0.50 per share and $576.04 million in revenue. The same period from last year had $0.35 in earnings per share (EPS) and $711.57 million in revenue.

During the fourth quarter, U.S. revenue shrunk by 28%, EMEA revenue grew 58%, APAC revenue contracted 56%, and Other Americas revenue decreased by 12%.

At the same time, active users grew 37% to 23.2 million from 16.9 million at year end 2015—making this the largest social fitness network as of year-end. Also the company sold 6.5 million connected health and fitness devices.

In terms of guidance for the coming quarter, the company expects to see a net loss per share in the range of $0.18 to $0.20 and revenues in the range of $270 million to $290 million. The consensus estimates are calling for a net loss of $0.15 per share and $307.46 million in revenue.

On the books, cash, cash equivalents, and marketable securities totaled $706.0 million at the end of the quarter, versus $664.5 million in the same period from last year.

James Park, Fitbit co-founder and CEO, commented:

Our ten-year history of building this category, coupled with our powerful brand and engaged global community gives us confidence we are making the right investments to support our vision and drive long-term success. We will leverage our leadership position, recently acquired talent and IP, and the valuable data we collect to improve demand and continue to set the pace of innovation for the industry through more personalized experiences, deeper insights and guidance, expansion into new categories and deeper integration within the healthcare system.

Shares of Fitbit closed Wednesday down 2.8% at $5.87, with a consensus analyst price target of $8.00 and a 52-week trading range of $5.62 to $18.85. Following the release of the earnings report, the stock was initially up 3.8% at $6.09 in the after-hours trading session.