Why Shares of Fitbit Are Surging Today
Shares of Fitbit (NYSE: FIT) soared on Thursday following the release of the fitness wearables company's better-than-expected second-quarter report. Despite steep year-over-year revenue and earnings declines, Fitbit beat analyst estimates and reassured investors that its much-anticipated smartwatch was set to launch before the end of the year. As of 12:00 p.m. EDT, the stock was up 14.8%.
Fitbit reported second-quarter revenue of $353.3 million, down 39.8% year over year but nearly $12 million higher than the average analyst estimate. Fitbit sold 3.4 million devices during the quarter, down from 5.7 million during the prior-year period, but up 14% compared to the first quarter.
Image source: Fitbit.
Source: Fool.com
