FIT - Today's Research Reports on Stocks to Watch: Fitbit and GoPro
NEW YORK, NY / ACCESSWIRE / November 2, 2018 / Fitbit shares were flying higher after the company reported third quarter results and revealed its back to a profit. Shares of GoPro were crashing in after-hours trading despite earnings and revenue beat in its own third quarter results. Traders were probably disappointed with the dismal outlook.
RDI Initiates Coverage on:
Fitbit, Inc.
https://www.rdinvesting.com/report/?ticker=FIT
GoPro, Inc.
https://www.rdinvesting.com/report/?ticker=GPRO
Fitbit, Inc. shares closed up 25.79% on almost 49 million shares traded. The wearable watch company reported third quarter financial results that revealed a net profit of $10 million. This is compared to a $2.8 million loss from a year earlier and a $54.2 million loss this past spring. Fitbit cited the growth on the recovery of its smartwatches, especially the Versa in particular. The company reported third quarter revenue of $393.6 million, up 0.3% year over year. It was also roughly $12.4 million higher than the average analyst estimate. CEO James Park said on the earnings call, "I’m really proud of our performance this quarter. We demonstrated that we can gain share in the smartwatch category, deepen our reach in healthcare and successfully manage our operating expenses, which resulted in a return to profitability. These are important milestones as we continue to transform our business."
Access RDI’s Fitbit, Inc. Research Report at:
https://www.rdinvesting.com/report/?ticker=FIT
GoPro, Inc. shares closed up 9.28% yesterday on about 7.6 million shares traded but then plummeted in after-hours trading when the camera maker reported third quarter financial results. GoPro fell 16.43% after the report, which revealed a net loss of $27.1 million, or 19 cents per share. This is compared with a profit of $14.7 million, or 10 cents per share, from the year ago quarter. After adjustments, losses came in at 4 cents a share, better than the 6 cents loss per share expected by analysts. Revenue dropped to $285.9 million from $329.8 million, down 13% year-over-year and up 1% sequentially. Revenue was also higher than the $272.3 million expected by analysts. Cash and investments totaled $148 million at the end of the quarter. The company has forecast fourth-quarter revenue to be between $360 million and $380 million. Analysts were waiting for a range of $392.9 million, according to IBES data from Refinitiv. "GoPro completed a successful third quarter highlighted by a very strong reception and global demand for HERO7 Black," said founder and CEO Nicholas Woodman optimistically. "We expect to achieve profitability in Q4 and for the second-half of 2018, and exit the year with low channel inventory to be well positioned for Q1 2019."
Access RDI’s GoPro, Inc. Research Report at:
https://www.rdinvesting.com/report/?ticker=GPRO
Our Actionable Research on Fitbit, Inc. (NYSE: FIT) and GoPro, Inc. (NASDAQ: GPRO) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com