Fitbit shares fell as much as 30% in after-hours trading Wednesday after the company reported third-quarter earnings results and cut its full-year forecast.
The maker of fitness trackers said it now sees adjusted earnings per share in a range of $0.14-$0.18, far below analysts’ forecast for $0.75 according to Bloomberg.
The market for wearable fitness trackers is intensely competitive, with Fitbit stacked against the likes of Garmin and Apple.
This weak guidance came ahead of the holiday quarter, which is critical for consumer-electronics makers and retailers, since their products are popular gift items.
For the third quarter, its EPS was $0.19, matching analysts’ estimates. Revenue fell below expectations, at $503.8 million ($508.7 million forecast.)
“We continue to grow and are profitable, however not at the pace previously expected,” said CEO James Park in the earnings statement.
In the third quarter, its unit sales grew 11%, and its average selling price rose by the same amount.
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