Fitbit showed strong performance in the last quarter
Fitbit (FIT) continues to surprise analysts and investors with its strong revenue growth. In the last quarter, according to James Park, Fitbit co-founder and CEO (chief executive officer), “Second quarter results reflect accelerated unit and revenue growth in the U.S. and EMEA, our two largest markets, despite an unusually strong Q215 with the full availability of Fitbit Charge HR fulfilling built-up demand in that quarter.”
In 2Q16, Fitbit (FIT) announced revenues of $586.5 million with GAAP (generally accepted accounting principles) EPS (earnings per share) of $0.03 and non-GAAP EPS of $0.12.
In comparison, analysts estimated that Fitbit would post revenues of $578.5 million for the quarter, with a low estimate of $569.3 million and a high estimate of $595 million. EPS was estimated at $0.11, with a high estimate of $0.14 and a low estimate of $0.10.
Revenues rise 46.5% YoY
In 2Q16, Fitbit revenues rose 46.5% YoY (year-over-year) compared to revenues of $400.5 million in 2Q15. For the first six months of 2016, revenues rose 48.1% YoY to $1.1 billion.
Fitbit has a market cap of ~$3.4 billion. It competes with technology heavyweights such as Apple (AAPL), Microsoft (MSFT), and Korea’s (EWY) Samsung (SSNLF) in the wearables market. By comparison, Apple, Microsoft, and Samsung have market caps of $593 billion, $457 billion, and $140 billion, respectively.