Fitbit is down 9%

Fitbit reported second-quarter earnings results on Wednesday evening, and the company absolutely crushed forecasts.

The maker of fitness trackers posted record quarterly revenues of $US400.4 million, beating the forecast for $US319 million according to Bloomberg. Adjusted earnings per share came in at $US0.21, versus estimates for $US0.08.

International sales surged 250% year-over-year in the quarter, and overall, 4.5 million devices were sold.

Shares were all over the place after the market close, falling as much as 9% after closing up 4% at $US51.68. The stock is up 74% since the IPO in June, when it opened 52% above its initial offering price.

In the earnings statement, CEO James Park said: “Our second quarter results included our highest quarterly revenue in the eight-year history of Fitbit. In the quarter, we introduced new features and services, expanded brand awareness, increased global distribution and further penetrated the corporate wellness market.”

More to come …

Shares were all over the place after the market close, falling as much as 9% after closing up 4% at $US51.68. The stock is up 74% since the IPO in June, when it opened 52% above its initial offering price.

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