Fitbit Shares Get Pumped Up After Third Quarter Earnings

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Shares of the FitBit Inc. has got pumped by some of the investors yesterday, just after the company revealed the quarterly earnings that pushed fitness-focused electronics maker into the profitability for the first in last two years.

Fitbit reported the earnings of 4 cents a share. The revenue of the company was $394 Million in the third quarter, which exceeds the expectations of $381.2 Million, according to the report which has been revealed. The company has also revealed the full year revenue guidance of $1.5 Billion.

The results have made an entry into millions in the first time since after the third quarter of 2016. The stocks of the Fitbit have increased to more than 7% by the end of 31st October; the stocks continued to be increased with an addition of 20%.

The company has sold around 3.5 Million devices in this third quarter, which is up from the 2.7 Million in the previous quarter. Its average selling price has been increased to more than 3%, “driven by a growing mix of smartwatches,” the company said in a statement.

Source: Techstory

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