Fitbit shares plunge on weak first-quarter guidance

Fitbit[1] shares plunged in extended trading after the maker of wearable fitness devices provided a weaker-than-expected forecast.

Apple[2] continues to upgrade the Apple Watch and Xiaomi becomes a bigger global player. As of Wednesday’s close, the stock was 66 percent below its IPO price from 2015.

For the fourth quarter, Fitbit reported sales of $571.2 million, topping the $569 million average estimate, according to Refinitiv.

WATCH: Fitbit CEO on smartwatches[3]

References

  1. ^ Fitbit (www.cnbc.com)
  2. ^ Apple (www.cnbc.com)
  3. ^ Fitbit CEO on smartwatches (www.cnbc.com)
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