Fitbit was able to beat analyst estimates with its Q3 performance, but the wearable maker still had a loss of $113 million. Its estimated performance would have led to a net loss per share of $0.04, but it only reported a $0.01 loss. Fitbit saw $393 million in revenue, down from $504 million last year.
Sales of its fitness wearables increased 7% to 3.6 million. CEO James Park says its latest device, the Fitbit Ionic, is helping the company's sales. Though it's still struggling to perform especially well given strong competition from companies like Apple.
We believe Fitbit Ionic delivers the best health and fitness experience in the category. It has received the highest customer ratings of any Fitbit product within the first month of sales, giving us confidence in our ability to capture share of the fast-growing smartwatch market.- Park
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