Fitbit share are in freefall - crashing to single-digits after hours, down over 31% to record lows, after missing on revenues and slashing guidance.
FIT missed revenues:
and slashed Q4 expectations...
Leaving the shares in utter freefall...
So given the above - here is what the CEO 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,” said James Park, Fitbit co-founder and CEO.
“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.”
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