Fitbit released the earnings results from its third quarter after closing bell tonight, posting adjusted earnings of 24 cents per share, compared to last year’s 13 cents per share, on $409.3 million in revenue. That represents a 168% year over year increase from last year’s $152.9 million and surpassed the high end of management’s guidance. Analysts had been looking for earnings of 10 cents per share and revenue of $359.2 million for the quarter. This was Fitbit’s second quarterly report as a public company.

Fitbit

Fitbit’s adjusted EBITDA soars

Fitbit’s reported earnings were 19 cents per share, compared to last year’s 34 cents per share. Adjusted EBITDA was $85 million, which was almost double that of last year’s third quarter at $44.3 million. GAAP gross margin fell to 47.9% from last year’s 54.7%, while non-GAAP gross margin fell from 53.9% to 48.3%. After adjusting for currency, non-GAAP gross margin was 50.8%. GAAP net income also fell from $68.9 million to $45.8 million this year.

The fitness device maker sold 4.8 million devices during the third quarter, which was more than double last year’s 2.3 million devices. The U.S. made up 66% of Fitbit’s total revenue, while the Asia Pacific region was 16%, Europe, the Middle East, and Africa was 12%, and the Other Americas region was 6% of total revenue.

Fitbit reported a 130% year over year increase in U.S. revenue and a 314% increase in Asia Pacific sales. Revenue from Europe, the Middle East, and Africa rose 282% year over year, while sales in the Other Americas region climbed 286% from last year.

The company said its Charge and Charge HR activity bands and Surge Superwatch made up 79% of its total revenue.

Fitbit guidance also beats expectations

For the fourth quarter, Fitbit is projecting earnings of between 20 cents and 25 cents per share, which is ahead of the consensus estimate of 20 cents per share. The company projects revenue of between $620 million and $650 million for the quarter, which is also ahead of the consensus estimate at $580.72 million.

For the full year, Fitbit expects revenue to be between $1.77 billion and $1.8 billion and non-GAAP gross margin to be between 48% and 48.5%. Management expects adjusted EBITDA to be between $345 million and $365 million and non-GAAP net income per share of between 92 cents and 96 cents per share.

Fitbit also announced today that Morgan Stanley released the lockup restriction of its shares for employees and consultants as of Oct. 31, which will add about 2.3 million more shares of the company into the market by making them available for trading. That represents about 10% of Fitbit’s common stock, options, and restricted stock units. The release will be effective on Wednesday. The lockup on the rest of the shares will end as previously planned on Dec. 14.

As of this writing, shares of Fitbit had plunged by 7.19% to $37.82 per share in after-hours trading.