Wearable device maker Fitbit Inc forecast current-quarter revenue below analysts...
- Wearable device maker Fitbit Inc forecast current-quarter revenue below analysts’ estimates on Wednesday, as the company expects its average selling price to drop, sending its shares down 11 percent in extended trading.
The company said its gross margin could come under pressure this year from the shift toward smartwatches and a lower warranty benefit. Fitbit sold 5.6 million devices in the fourth quarter ended Dec. 31, beating estimates of 5 million, according to research firm FactSet. Average selling price decreased 2 percent to $100 per device.
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