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FIT - Fitbit: The Singapore Deal Changes Everything
Fitbit Inc. Class A
On the face of it, Fitbit (FIT) did not have such a horrible quarter. Revenue for Q2'19 increased 4.7% Y/Y ($301.44M), beating by about $2M, and adjusted EPS came in at a loss of $0.14, beating by $0.04.
However, the stock plunged on lower revenue guidance by about $95M for the year (from $1.55B to $1.45B) on the back of lower Versa Light sales. In fact, smartwatch revenue decreased 27% Y/Y. But there were a lot of positives for the quarter.
Overall devices sold increased 31% Y/Y, even as ASP (average selling price)