Fitbit Missed Big in Q4, will Pivot to Smartwatches
The fitness device maker warned that sales for the fourth quarter would come in at $572-$580 million, well short of its previous guidance of $725-$750 million, and that it would record a non-GAAP loss of $0.51 to $0.56 per share where it had expected to show a $0.14 to $0.18 profit. FIT shares skidded 17% on the news and dropped below $6 for the first time. The Holiday shortfall began with a very weak Black Friday weekend with its more mature markets (read, the U.S.) softer than expected through the season.
The weak Holiday left inventories bulging, and FIT said Q4 ... Log in to view full article.