SAN FRANCISCO – Shares in Fitbit Inc. jumped in after-hours trading Tuesday after the wearable device maker posted second-quarter results that topped Wall Street expectations.
The San Francisco-based company reported second-quarter earnings of $6.3 million, or 3 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were 12 cents per share.
The average estimate of 17 analysts surveyed by Zacks Investment Research was for adjusted earnings of 11 cents per share.
Fitbit posted revenue of $586.5 million in the period, which also beat Street forecasts. Ten analysts surveyed by Zacks expected $580.2 million.
For the current quarter ending in October, Fitbit expects its adjusted per-share earnings to range from 17 cents to 19 cents. The company said it expects revenue in the range of $490 million to $510 million for the fiscal third quarter. Analysts are expecting earnings of 18 cents a share on revenue of $497 million, according to FactSet.
Fitbit expects adjusted full-year earnings in the range of $1.12 to $1.24 per share, with revenue ranging from $2.5 billion to $2.6 billion. Wall Street is looking for earnings of $1.17 a share on $2.58 billion in revenue.
Fitbit shares have dropped 56 percent since the beginning of the year. They closed Tuesday at $13.16, a decrease of 72 percent in the last 12 months.
In after-hours trading following the release of the earnings report, they rose 80 cents, or 6 percent, to $13.96.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FIT at http://www.zacks.com/ap/FIT
Keywords: Fitbit, Earnings Report