Fitbit said that its U.S. revenue during the third quarter of 2018 represented 58 per cent of revenue or $230 million, down six per cent year-over-year
Fitbit, a wearables brand, has announced that it expects to release results for its fourth quarter and full year 2018 on Wednesday, February 27, after market close. The brand said that in conjunction with a press release, Fitbit management will host a conference call on the same date.
James Park, co-founder and CEO, Fitbit, had earlier said, “We are now the number two player in the smartwatch space in the U.S. – a category we just entered with zero share only fourteen months ago.
Fitbit third quarter 2018 financial results
The brand had reported revenue of $394 million, GAAP net loss per share of ($0.01), non-GAAP net income per share of $0.04, GAAP net loss of $2 million, non-GAAP net income of $10 million, cash flow from operations of $59 million and free cash flow of $47 million for its third quarter of 2018.
Park said, “We have been incredibly focused on executing our transition plan and as a result, saw a return to profitability this quarter, and are re-affirming our full year revenue guidance of $1.5 billion. We succeeded in growing our healthcare business by 26 per cent and diversifying our revenue to compete in the changing wearables category and saw sequential growth in both tracker and smartwatch devices.”
It is to be noted here that the brand has claimed to sell 3.5 million wearable devices in the quarte. It also said that the average selling price had increased by three percent year-over-year to $108 per device. Fitbit’s U.S. revenue represented 58 per cent of revenue or $230 million, down six per cent year-over-year.
Park added, “We also launched our most advanced tracker yet, Fitbit Charge 3, which is blurring the lines between trackers and smartwatches and is already one of the top selling devices in the U.S. All this shows the power of the Fitbit brand and our ability to continue to deliver a wearable platform consumers love and that drives positive health outcomes.”