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Article Date: November 2017
Word Count: 375

Fitbit Has Huge Loss, but Sees Improving Holiday

Net loss was $113,403,000 against income of $26,120,000 in the third quarter with sales declining 22% to $392,522,000 from $503,802,000 with the red ink including an $86.2 million income tax expense from a non-cash valuation allowance change and an $8 million bad debt charge from the bankruptcy of Wynit, its largest distributor. The Wynit filing also reduced sales by $8 million in the quarter, but that business has been diverted to other distributors going forward. Gross margin contracted 320 basis points to 44.5% due to a change in the replacement policy for older devices and a change in warranty coverage ... Log in to view full article.


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