Fitbit Third Quarter Growth Differs from Analysts’ Estimates

Fitbit, Inc., a leader in the connected health and fitness market, reported revenue of $504 million, GAAP diluted net income per share of $0.11, non-GAAP diluted net income per share of $0.19, GAAP net income of $26 million, and Adjusted EBITDA of $81 million, for its third quarter of 2016.

Fitbit co-founder and CEO, James Park said, “I am pleased to see positive reception for our new products launched in the third quarter. We are attracting new customers while our existing ones are upgrading their devices, underscoring the strength of the Fitbit brand and growing relevancy of wearables as part of consumers’ everyday lives. We continue to grow and are profitable, however not at the pace previously expected. We are focused on improving the utility of our products and integrating more deeply into the healthcare ecosystem and believe we can leverage our brand and community to unlock new avenues and adjacencies of growth.”

Although Fitbit did see third quarter growth, revenue forecasts have fallen below analysts’ estimates.

Find the full Third Quarter 2016 Financial Summary here.