Fitbit Posts another Loss, but Less than Expected
Net loss was $60,079,000 compared to income of $11,035,000 in the first quarter ended Apr. 1 as sales tumbled 41% to $298,942,000 from $505,356,000 exceeding expectations on both the top and bottom line. ASP declined 4% to $96.45 per device for the three million units sold in the quarter, as FIT worked to clear out elevated channel inventories, a process which will be mostly complete by the end of Q2. U.S. channel inventory declined by 30% during the quarter, so total units sold at retail were significantly higher than sell-in due to the destocking. Gross margin cratered 670 basis points ... Log in to view full article.