Fitbit Q4 Results Miss Estimates

(RTTNews) - Wearables company Fitbit Inc. (FIT) posted a fourth-quarter net loss of $120.84 million or $0.46 per share, compared to net income of $15.37 million or $0.06 per share in the same quarter last year.

Non-GAAP net loss per share was $0.12 compared to net income of $0.14 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.03 per share. Analysts' estimates typically exclude special items. Revenue for the quarter declined to $502.14 million from $571.20 million in the prior year. Analysts expected revenue of $523.21 million for the quarter.

Looking ahead, the company expect to grow its higher margin revenue streams in 2020.

In November 2019, Fitbit agreed to be acquired by Google LLC for $7.35 per share in cash, valuing the company about $2.1 billion.