Fitbit's stock surged after the company posted a second-quarter loss than was lower than analyst forecasts.
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Fitbit spikes after losing less money than expected (FIT)
Fitbit's stock surged after the company posted a second-quarter loss than was less than analyst forecasts.
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The adjusted loss for the period was $0.08 per share, beating analyst estimates of a $0.15 per share deficit. The wearable device maker also reported quarterly revenue of $353.3 million, exceeding a consensus forecast of $341.6 billion.
"Consumer demand in the second quarter was better than anticipated, enabling Fitbit to reduce channel inventory and generate better sales," co-founder and CEO James Park said in a statement. "
The strength seen in Fitbit's stock is welcome news for shareholders that have seen the company hover near record lows for the past few months. Shares have plunged 83% since the start of 2016.
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Following the second-quarter earnings news, shares of Fitbit rose 7.1% to $5.43 a share as of 4:22 pm ET.
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