Fitbit Tops Estimates in First Post-IPO Report; Margins Narrow
Why Fitbit Is Dominating the Wearable Market
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Fitbit Inc. sales and profit topped analysts’ estimates in its first report following an initial public offering, a sign that the company’s fitness trackers are weathering competition in the increasingly crowded wearables market.
Second-quarter revenue more than tripled to $400.4 million, San Francisco-based Fitbit said Wednesday in a statement. Analysts on average projected $319 million, according to data compiled by Bloomberg. Profit before certain items was 21 cents a share, more than the 8 cents analysts predicted.