Fitbit and Square released their latest earnings reports after closing bell tonight. Fitbit reported adjusted losses of 56 cents per share on $574 million in sales, while Wall Street was looking for losses of 54 cents per share on $576 million in revenue. In the same quarter a year previously, the fitness wearable maker reported $712 million in revenue and earnings of 35 cents per share.

Square reported losses of 4 cents per share on $451.9 million in revenue, compared to the analyst consensus of losses of 9 cents per share on $449.6 million in revenue. The company had guided for $438 million to $443 million in revenue for the fourth quarter.

Fitbit swings to a loss

Fitbit

Fitbit’s GAAP loss amounted to 65 cents per share, while its adjusted EBITDA loss was $144.2 million, compared to the year-ago quarter’s GAAP earnings of 26 cents per share and adjusted EBITDA of $125.3 million. U.S. revenue fell 28%, while EMEA revenue increased 58%, APAC revenue fell 56% and Other Americas revenue fell 12%. The GAAP gross margin was 22.1%, while the non-GAAP gross margin was 22.4%, down from 48.9% and 48.8%, respectively, in the year-ago quarter.

Fitbit had already said in January that it sold just 6.5 million devices during the fourth quarter, amounting to sales of $572 million to $580 million. It had previously guided for $725 million to $750 million in revenue. Also in its negative preannouncement, Fitbit warned that it would miss its previous earnings guide and slashed its outlook to losses of between 51 cents and 56 cents per share, compared to the previous guide of 14 cents to 18 cents per share in earnings.

The company also said it’s taking more actions to cut costs and improve efficiencies. For this year, the company expects sales of $1.5 billion to $1.7 billion with a non-GAAP gross margin of 42.5% to 44%. It expects a non-GAAP loss of 22 cents to 44 cents per share. For the current quarter, Fitbit expects sales of $270 million to $290 million and non-GAAP net losses of 18 cents to 20 cents per share.

Shares of Fitbit ticked higher by as much as 0.68% to $5.92 in after-hours trades.

Square’s losses narrow

Square said gross payment volume grew 34% year over year to $13.7 billion, compared to the $13.65 billion that was expected, while adjusted revenue jumped 43% to $192 million. Transaction-based revenue increased 35% to $402 million, while subscription and services-based revenue rose 81% to $41 million. Hardware revenue grew 39% to $9 million. Adjusted EBITDA grew $36 million year over year to $30 million.

For the first quarter, Wall Street’s consensus stands at 10 cents per share in losses, marking an improvement from the year-ago quarter’s loss of 29 cents per share, on $449.9 million in revenue, which would be a 17% year over year increase. Square expects first quarter revenue to be between $440 million and $452 million.