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Fitbit (FIT) reported earnings after the bell on May 1. FIT beat on both the top and bottom lines reporting revenue of $271.9 million (beating by $12.19 million) and Q1 non-GAAP EPS of -$0.15 per share (beating by $0.07 per share). FIT briefly popped a bit after the results but has traded down since and, currently, sits at just above $5 per share.
Data by YCharts
Why the Sell-Off?
I believe the reason for the sell-off is mostly from one financial rationale, gross margins. In the prior quarter a year ago, FIT reported