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Wednesday, July 31, 2019

=Fitbit (FIT) reported earnings on Wed 31 July 2019 (a/h)

Fitbit beats by $0.04, reports revs in-line; guides Q3 EPS, revs below consensus; guides FY19 EPS below consensus, revs below consensus

  • Reports Q2 (Jun) loss of $0.14 per share, excluding non-recurring items, $0.04 better thanthe S&P Capital IQ Consensus of ($0.18); revenues rose 4.8% year/year to $313.56 mln vs the $311.59 mln S&P Capital IQ Consensus.
  • Devices sold increased 31% year-over-year to 3.5 million. Average selling price decreased 19% year-over-year to $86 per device due to the introduction of more affordable devices, lowering the barriers to joining our community of active users.
  • Co issues downside guidancefor Q3, sees EPS of ($0.11-0.09), excluding non-recurring items, vs. $0.03 S&P Capital IQ Consensus; sees Q3 revs of $335-355 mln vs. $398.86 mln S&P Capital IQ Consensus.
  • Co issues downside guidancefor FY19, sees EPS of ($0.38-0.31), excluding non-recurring items, vs. ($0.15) S&P Capital IQ Consensus; sees FY19 revs of $1.43-1.48 bln (Prior $1.52-1.58 bln) vs. $1.56 bln S&P Capital IQ Consensus.
  • "While we are disappointed to lower guidance for the year, we remain confident in our long-term transformation strategy and have demonstrated good results across key areas of the business. We saw growth in devices sold, increased active users and continued growth in our Fitbit Health Solutions channel, up 42% in the first half of 2019," said James Park, co-founder and CEO. "In addition, we have made progress in diversifying our revenue towards building more predictable, recurring revenue streams with the launch of our premium services in two test markets. We are pleased with the initial results and expect a full launch this fall. Coupled with innovative hardware and software offerings, we believe we're well positioned to bring more users to the Fitbit platform and continue to grow our business."
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