Fitbit Inc Tanks After Sales Miss, First Solar, Inc. Shares Rise After Earnings

Fitbit Inc Tanks After Sales Miss, First Solar, Inc. Shares Rise After Earnings

Fitbit and First Solar released their latest earnings reports after closing bell tonight. Fitbit posted adjusted earnings of 19 cents per share on $503.8 million in sales, compared to the consensus estimates of 19 cents per share and $506.9 million. In last year’s third quarter, the fitness wearable maker posted earnings of 24 cents per share on $409.3 million in sales.

Play Quizzes 4

First Solar reported non-GAAP earnings of $1.22 per share on $688 million in revenue, compared to the consensus estimates of 69 cents per share and $958 million. In the year-ago quarter, the solar company posted earnings of $3.41 per share.

Fitbit rewards short-sellers

Morningstar Investment Conference: Fund Manager Highlights Personalized Medicine, Energy Security

Clint Carlson Far ViewHedge fund managers go about finding investment ideas in a variety of different ways. Some target stocks with low multiples, while others look for growth names, and still others combine growth and value when looking for ideas. Some active fund managers use themes to look for ideas, and Owen Fitzpatrick of Aristotle Atlantic Partners is Read More

Fitbit’s GAAP earnings tumbled to 11 cents per share from 19 cents per share in last year’s third quarter. Adjusted EBITDA declined to $80.8 million from $85 million in the year-ago quarter. The company sold 5.4 million devices, compared to 4.8 million last year. New products made up 79% of revenue, while U.S. revenue was 72% of total revenue.

Short interest in Fitbit reached an all-time high ahead of tonight’s earnings report. S3 Partners, an analytics firm, said earlier this week that short interest was at $905 million, which was the highest level since the company went public in June 2015. The firm estimates that roughly half of the company’s float was out on loan, although IHS Markit pegged the percentage of the float at 33%, which the firm also said was still a record high.

Shares of Fitbit plummeted in after-hours trades, falling by more than 30% to as low as $8.93.

Fitbit guided for fourth quarter earnings of 14 cents to 18 cents per share, which is far weaker than the consensus of 75 cents per share. The fitness wearables maker expects fourth quarter revenue to be between $725 million and $750 million, compared to the consensus of $985.1 million. The company projects full-year earnings of 55 cents to 59 cents per share, compared to the consensus of $1.18 per share, and full-year sales of $2.32 billion to $2.35 billion, compared to the consensus of $2.58 billion.

First Solar adjusts guidance

First Solar

First Solar’s GAAP earnings amounted to $1.49 per share. The company said the $246 million decline in net sales from the previous quarter was due to multiple projects being completed during the quarter. Higher module-only sales partially offset the effect.

First Solar expects full-year earnings to be between $4.30 and $4.50 per share, up from the previous outlook of $4.20 to $4.50 per share, and full-year revenue to be between $2.8 billion and $2.9 billion, down from $3.8 billion to $4 billion. The consensus estimates stand at $3.84 billion and $4.32 per share.

Shares of First Solar rose by as much as 1.45% to $41.17 in after-hours trades.

Updated on

Michelle Jones is editor-in-chief for and has been with the site since 2012. Previously, she was a television news producer for eight years. She produced the morning news programs for the NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spent a short time at the CBS affiliate in Huntsville. She has experience as a writer and public relations expert for a wide variety of businesses. Email her at
Previous article Yellen’s Shock to the Market
Next article The ‘Deadly Sin’: The Positive And Negative Power Of Pride

No posts to display