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Fitbit (FIT) reported earnings last week and reported revenue and EPS that beat and were in line with expectations. FIT reported revenue of $313.55 million, beating expectations by roughly $2 million and GAAP EPS of -$0.27, which was in line with the Street's expectations. However, the stock soon sold off, as management lowered the mid-point of 2019 revenue guidance in the press release by $95 million due to weaker than expected Versa Lite sales.
Data by YCharts
Another weak spot in the quarterly report was that gross margins compressed to 34.5% from 39.8%