Why Fitbit, Inc. Stock Jumped 11% in November
Shares of Fitbit, Inc. (NYSE: FIT) climbed 11.7% in November, according to data provided by S&P Global Market Intelligence, after the company reported its third-quarter 2017 results at the beginning of the month. The quarter wasn't all that impressive, but some investors are starting to believe that the company's foray into smartwatches might help turn it around.
Fitbit's top line fell by 22% year over year to $393 million, and the company's GAAP net income loss was $113.4 million, down significantly from a gain of $26.1 million in the year-ago quarter. The company also saw its total unit sales fall by 32% year over year, to 3.6 million.
Image source: Fitbit.
Source: Fool.com
