Fitbit (FIT) Tops Q3 EPS by 14c; Raises Outlook
Fitbit (NYSE: FIT) reported Q3 EPS of $0.24, $0.14 better than the analyst estimate of $0.10. Revenue for the quarter came in at $409 million versus the consensus estimate of $350.97 million.
Fiitbit sees Q4 revenue of $620-$650 million, versus the consensus of $580.72 million. Sees EPS of $0.20-$0.25 versus the consensus of $0.20.
Fitbit sees FY2015 revenue of $1.77-1.8 billion, versus the consensus of $1.69 billion. Sees EPS of $0.92-$0.96, versus the consensus of $0.77.
“Revenue of $409 million increased 168% year-over-year, exceeding the high end of our guidance, and adjusted EBITDA nearly doubled,” said James Park, Fitbit co-founder and CEO. “Fitbit’s third quarter results demonstrated the continued rapid growth of the Fitbit platform and our team’s ability to execute on the tremendous opportunity we see globally, as we help people reach their health and fitness goals.”
Fitbit also announces today that Morgan Stanley & Co. LLC, on behalf of the underwriters of Fitbit’s initial public offering in June 2015, at the request of Fitbit, has agreed to release the lock-up restrictions for Fitbit’s employees and consultants as of October 31, 2015 with respect to approximately 2.3 million shares, which represents up to 10% of the shares of Fitbit common stock, options, and restricted stock units held by such employees and consultants. The release will be effective on November 4, 2015. This will allow Fitbit’s employees and consultants an opportunity in 2015 for liquidity prior to commencement of Fitbit’s quarter end blackout period, which would prohibit any sales until that period ends after the earnings release for the fourth quarter of 2015. The lock-up restrictions are scheduled to expire with respect to the remaining shares as originally planned on December 14, 2015.
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