Fitbit reported quarterly results Monday afternoon that were much better than analysts had forecast.
The maker of fitness trackers reported revenues of $409.3 million, up 168% year-on-year, and topping the forecast for $359 million according to Bloomberg.
Diluted earnings per share were $0.19, higher than the consensus estimate for $0.10.
The stock fell by as much as 4% in after-hours trading..
Fitbit said it sold 4.8 million devices.
It provided guidance for full-year revenues in the range of $1.77 to $1.80 billion.
The company also announced that at its request, Morgan Stanley agreed, on behalf of the IPO underwriters, to release lockup restrictions for Fitbit employees and consultants as of October 31. This amounted to about 2.3 million shares, or 10% of the common stock.
The release is effective November 4.
CEO James Park said in the earnings statement, "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."
Lucas Jackson/Reuters James Park, Fitbit CEO, applauds with co-founder and CTO Erid Friedman while ringing the opening bell...