What to Watch in Fitbit’s Q4 Report
Fitbit is set to report its fourth-quarter financial results after the markets close on Wednesday.
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Fitbit Inc. (NYSE: FIT) is set to report its fourth-quarter financial results after the markets close on Wednesday. The consensus estimates are $0.07 in earnings per share (EPS) and $568.16 million in revenue. In the same period of last year, the company said it had a net loss of $0.02 per share and revenue of $570.76 million.
The company previously issued fourth-quarter guidance of EPS of at least $0.07 and revenues greater than $560 million.
In the third quarter report, the company sold 3.5 million devices. Also, new products introduced in the past year represented 62% of revenue. The average selling price was up 3% year over year to $108.
In terms of its segment revenue for the third quarter, the firm reported that Asia Pacific was flat at $34 million, Other America’s revenue dropped 2% to $25 million, Europe Middle East Asia revenue grew 17% to $104 million, and U.S. revenue decreased 6% to $230 million. International revenue was $163 million, representing 42% of revenue.
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Excluding Wednesday’s move, Fitbit had outperformed the broad markets, with its stock up about 33% year to date. Over the past 52 weeks, the stock was up 25%.
A few analysts weighed in on Fitbit ahead of the report:
- Wedbush has a Neutral rating and a $6.50 price target.
- William Blair has a Market Perform rating.
- Morgan Stanley has a Sell rating with a $4 target.
- Robert Bard has a Hold rating with a $6 price target.
Shares of Fitbit were last seen up about 4% at $6.89 on Wednesday, in a 52-week range of $4.23 to $7.79. The stock has a consensus price target of $6.43.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
