Fitbit and Twenty-First Century Fox released their latest earnings reports after closing bell tonight. Fitbit posted adjusted earnings of 10 cents per share on $505 million in revenue, against the analyst estimates of 3 cents per share in earnings and $443.2 million in revenue. In last year’s first quarter, the fitness wearable maker posted earnings of 27 cents per share on $336.8 million in sales.
Twenty-First Century Fox posted adjusted earnings of 47 cents per share on $7.23 billion in revenue, against Wall Street’s expectations of 47 cents per share in losses and $7.2 billion in revenue. In last year’s first quarter, the company posted earnings of 42 cents per share.
Fitbit tumbles on weak second quarter guidance
Fitbit’s GAAP earnings were 5 cents per share, while adjusted EBITDA was $45.1 million. The company sold 4.8 million connected devices, with the Fitbit BlazeTM and AltaTM making up 47% of the revenue.
Analysts had been expecting to see signs of momentum in Fitbit’s sales, particularly among the company’s newest products, the Fitbit Blaze smartwatch and Alta fitness tracker. In March, the company reported that it had sold over 1 million Blaze smartwatches, which made it the best-selling smartwatch, even better than the Apple Watch.
Fitbit said it expects full-year revenue to be between $2.5 billion and $2.6 billion, against the consensus of $2.45 billion. The company expects full-year adjusted earnings to be between $1.12 and $1.24 per share, compared to the consensus of $1.13 per share. For the second quarter, Fitbit expects adjusted earnings of 8 cents to 11 cents per share, which is significantly short of the consensus at 26 cents per share.
Shares of Fitbit plunged in after-hours trading, falling by as much as 10.45% to $15.25 per share as investors reacted to the weak second quarter guide.
Twenty-First Century Fox rises after earnings
Twenty-First Century Fox said the increase in revenue came on the back of higher affiliate and ad revenues at both its Cable Network and Television businesses, although lower TV production revenues in the Filmed Entertainment segment partially offset these increases. The company said currency headwinds had a negative impact of 3%. Operating income before depreciation and amortization increased 12% to $1.88 billion. Reported earnings were 44 cents per share.
Shares of Twenty-First Century Fox surged in after-hours trading, climbing by as much as 6.54% to $31.75.